John,
I made a thin, long spybait out of PVC, and was worried about it's strength, especially because I add my 1/4" lead wire ballast by drilling holes up from the belly.
The bait was 1/2" thick, so there was only 1/8" of material on each side of my 1/4" ballast holes, which ran up about half way from the belly.
I used 7/8" .072 screw eyes for the line tie and rear hook hanger/prop shaft, and a Spro swivel for the belly hanger, and they held up fine.
Since wood has grain, if you orient the grain to run the length of the lure, it should be fine. I find that wood has more strength than PVC in a bending application, and is more flexible, because of it's cellular grain structure.
I caught several stripers to 5lbs on that spybait, and it held fine, although the #8 trebles did bend out some.
Here's a picture:
http://www.tackleunderground.com/community/gallery/image/13886-20141217-070125-resized/