I always used 1/2" douglas fir plywood AC grade...but the russian or other birch plys would be fine...MDF is for sure flat, I just dont know how durable it would be after repeated 150 degree kiln operations...
whether or not you use a "fire hose" or clamps, there is a lot of stress put on a form...especially after mutiple glue-ups...
the LVL idea sounds great...especially since its already the 1 7/8" thickness usually...cutting and sanding perfect 90 degree curves would be a lot more work I think,thats why I always like lamming up (4) 1/2's for a little extra width, especially for take down or recurve limbs.
here is my old shop with some of the forms...a relex longbow, def/fefl flat bow and a one piece recurve...all DF 1/2" 4 ply forms...