I've made two lens boards. The first was made by laminating a 1/8" sheet of basswood on the front with a 1/8" sheet of paneling plywood. I cut the paneling 1/2" smaller in than the basswood, so that when I glued them together, the smaller dimension formed a rabbet on the back of the board. I also drilled an oversized hole in the panelling to produce a rabbet around the 1-3/8" (Copal 0) hole the basswood. Painted the back a flat black, and finished the front with stain and polyurethane. It seems to work fine initially, but six months later it had warped so badly that I wasn't comfortable using it - concerned about both light leaks and excess stress on the clamps that hold the lens board on the camera as they tried to counter the warp.
So I made a replacement using 1/4" poplar. This time I routed the rabbet on the back. I also cut a rabbet around the 1-3/8" hole. Again painted the back a flat black, stained the front, but then applied polyurethane to both sides as a moisture seal. Finished with a second coat of poly on the front for appearance. Time will tell whether there is a warping problem.
Total construction time for the second unit was less than an hour.