I would never use wood. In this case the tang will be bolted to the plate. A glass/foam bulkhead wouldn't hurt. One that encompassed the top third of the hull would be nice. I think the plate will work fine as long as it's strong, care is taken to get max adhesion and it gets time to cure properly.

This boat has an advantage when it comes to repair or the question of is it worth repairing. It does not have a core.