I have several MDF forms that have an outside skin (plywood) that have held up well. They are takedown limb forms never built a full length one of MDF. It would be pretty heavy, you need to be careful to keep MDF away from moisture, it is also easily dented. It does grind nice, much more so than plywood.
The LVL is probably the best overall form material. Like fujimo said you can get very close using three pieces of plywood, take a tape measure with you and pick out the best combination for your purpose. I think I used to pieces of 3/4" and one of 5/8" to get to 1 3/4" total thickness sorry can't remember for sure.