It can be stronger yes because of the lamination and because it will be a true 2X4 size. It will also resist warping more as plywood is more stable. I would use a urethane glue in this situation and then coat it very good to prevent moisture from getting at the plywood.
Steve
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 *everything said above is just my opinion, and may or may not reflect the views of this BBS, its Operators, and its Members. If cornered on any “opinion” I post I will totally deny having ever said this in a Court of Law…Unless I am the right one*
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