I thought about it but opted for a vinyl tarp. Got one at Lowe's with bungies and fasteners for about $15. Granted, it is kinda ghetto looking but it is effective.
The problem as I see it is two fold: weathering and water tightness. I wanted a box that I could open, from either end with the boat on the trailer. That leads to problems with water seeping in around the openings, hence the tarp.