The primary concern for "the form" is the bottom half, which is where the laminations are laid after applying epoxy.
It must follow your pattern as closely as you can get it and be square and true without dips and or waves.
Whatever your form is "your bow will be" and any little wave or twist if in the form will be in your bow. (a mold so to speak)
If I get your question correctly, the 1/16 along the top edge would not be much of a problem if the pattern you make is square.
The biggest issue is guys using "some types of MDF" which when placed under pressure of the fire hose method Binghams uses and placed in the oven they suggest. The MDF cracks or comes apart at the bolt holes for the metal brackets which hold the top to the bottom. (why they recommend plywood)(I think they recommend 60 pounds of pressure in the hose)
This may or may not ruin your bow (for me too many hard earned american $$.ouch)
KennyM on this site has an excellent way to form build which minimizes said dips and waves,
You will get a shootable bow, probably the first time but if attention to detail is used on the form building you will get an excellent shootable bow....
my 2 cents sorry to be a bit verbose
Good luck
I am just as excited as you are as I am ready to build another myself.... yahoo.
Mike