It will be better than nothing. with decent flat sheets, laser or water jet cut the result may be perfectly ok, but if you have access to these methods then there is no point in using the thin sheets.
If you chew them out with shears or similar methods they will be far from flat, will have air gaps between them that add to your effective air gap.They will probably not run true and however you make them the end result will not be completely rigid and you may have trouble with flexing if you use strong magnets.
If it is for a small machine with reasonably small magnets then it may well be perfectly ok. I wouldn't risk this if I was spending real money on decent magnets.
Flux