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If your final finish will be totally sealing the wood with epoxy or varnish then why waste perfectly good Teak? IMO, sealing Teak will set up a perfect condition for rot. Mahogany is a lot less expensive and much better suited wood for a total sealing.

If you plan to oil the wood as your final finish then I would plane it down to 1/2 or 3/8 inch and round over or use a 45* chamfer on the edges. Teak is not necessarily all that hard on your blades but you have to keep an eye on them as it does tend to clog them up from the natural oils and resins in it.

I am well aware of the openings you need to cover as we have the exact same CC. I think 1/4 inch will be too thin for these applications. BW used marine grade plywood in 1/4 inch with a teak veneered face for the rectangular switch and ignition panels.