The thing that matters for furling is the moment about the tail hinge. If you make the tail boom longer you need to reduce the weight of the vane, but you can partly compensate by not needing such a large vane for the same tracking.
For years I have used sheet aluminium for tail vanes. As long as you bend the top and bottom edges at right angles and use some strips of steel to stiffen it it will be ok, otherwise it will rattle off.
Plywood is heavy but if you use the correct angle for the hinge it will be ok. If it is too heavy then you need a smaller angle for the hinge but once welded on that is not adjustable so you need to reduce the weight of the vane.
If it tracks the wind ok you can probably make the vane smaller to reduce weight.
It is the product of weight at the c of g x radius at c of g that determines furling. Stability and ability to point into the wind below furling is determined by vane area and length of boom from pivot to centre of pressure.
To some extent you can use a smaller vane and offset the boom away from furling direction so the prop stays normal to the wind but the tail will run at an angle. If the vane is seriously too small the angle will make it look silly.
Flux