Frankly, the material you choose for your board depends on the lens you wish to mount. The heavier the lens, the more likely a material such as hardboard, low-grade plywood (lauan), or even plastic is to flex, which will mess up focus. But those materials would be fine for something like an Ektar 127 in a Supermatic shutter.
If you want to mount a heavier lens, particularly if it sticks out more than 2 inches or so, you'll want something stronger. Like aluminum.
Wouldn't that depend on the format? For example 4x5 has a smaller board that seems would be stiffer and stronger than the same heavy lens mounted on an 8x10.
. It's light-tight and works fine. I'm still refining my ULF technique on the very temperamental Ilford Direct Positive Paper; when I get it dialed in I'll consider a better board (and maybe another film holder). When you're learning to drive, you don't do it in a Ferrari.

