I think if you used bamboo ply skins this peg method would work. You'd get a neat line of rivets along the rail line... would take some craftsmanship to make it look nice though.. Thicker rails and thick skins but wow it could be very naaaaaice!
Well on the second compsand I ever built from two flat sheets of foam I did try something with the same intention but opposite technique.
What I did was cut my horizontal bamboo stringer/springer about an inch larger than the board outline. This created a thin laminate of bamboo sticking out from the side of the core that I used to attach the rail pieces onto like a woodsmith would attach two pieces of wood together.
Initially I thought it would make a giant H structure between the springer and the rails for strength. But eventually I migrated to the thinking that somehow it was more important to have the core and the rails be a litle more independant from each other to support maximum flex versus building such a rigid design.
so many ways to build these things and so many watercraft building techniques out there.
The hollow wood guys use staples and nails since some or using the strip and feather method in building out their rails.