Project is right on enclosing the foam, again not using anything but fiberglass, no carbon,
there are several more ways to strengthen the hull, one is at each joint use a wood dust @epoxy mix between the edges for bonding then grove out a 1/4 inch deep and run this mix down the seams for a wear point and stiffener , running a layer of glass cloth will do the same thing or a thin piece of wood, this isolates the different section making them smaller units .
The dowels work as a truss for strength also shear and transfer impacts forces to the inside skin, I like the dowels for a couple reasons over just holes .one is the finish ,epoxy shrinks when drying, so you wind up with a bunch of dimples.the epoxy is flexible the wood dowels are stiffer under compression.
There is more of this type construction than most folks realize, planes we have mentioned, they build houses using one lb foam with wood epoxyed on each side . if you buy a travel trailer with a fiberglass outside , most are one inch foam with a layer of glass glued on each side.and wood on the other.
If and when I build one it will get a workout , I use a boat pretty rough.
On another forum I frequent a gentleman there built one from 3/4 foam and has been using it for a few months now ,no dowels or stiffeners and so far seems to be working well.
Ron
I think it would be neat to build a 20 or 25 lb 16 ft boat