advice on plywood siding options

I really need advice about a plywood siding choice. For various reason, I would like a plywood siding for a new addition I'm building ( I know hardipanel is the best, but it's too heavy for just my friend and I who are doing the job for a two story addition). Plytanium has a great plywood siding, however, it has grooves. I want a smooth siding for a board and batten effect, with the battens being 1X2s every 16 inches going vertically. I have had no luck finding a smooth plywood siding, however I have an idea. Would it be okay to use plytanium's 11/32 exterior grade plywood as a siding, prime and paint it well with acrylic paint/primer, leave a 1/8 gap between joints/seams (for buckling and weathering), and caulk it really well? This plywood is exterior grade though not rated as siding. It is rated for windbrase sheathing, however I already have OSB sheathing and Tyvek home wrap on the house. I would prefer plywood because I don't trust masonite siding at all. Any comments are appreciated. Thanks. Why not install 7/8 T1-11 and, after painting it, install 1x2 battens over the grooves. Since the grooves are indented, the battens would give a nice relief, by sticking proud of the plywood. It would also give you a perfect vertical template to go by. Thanks for the advice, but i wonder if TI-II comes in 16 o.c. grooves, since I would like the battens 16 o.c.? Thanks again. I think RBB does. RBB = reverse board and batten

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