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I have some 3/4 inch solid teak and I want to use it for my instrument panels on my 74 montuak. I had planed to plan it to 1/2 inch, but the original was 1/4 inch plywood. Should I plane the solid teak to 1/4 or 1/2 inch? I know solid wood tends to not be as strong as plywood. I also plan to use it under the helm and throttle.

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I would not go all the way to 1/4. Use the 1/2 or 5/8 and put an eased or routered edge on it and it will look great

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I would plain it down to 1/4 with all the cuts that will be done. Then I would coat it with West System epoxy. I would do 3 coats of epoxy with sanding between coats. After the 3rd sanding of the epoxy then apply 4 coats of varnish. The epoxy will create a water tight seal plus give the wood good strength. The wood will still look like you just varnished it and will not be able to tell if epoxy was used for the initial first coat.

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I hope you have sharp blades on your planer. My blades were sharp enough for mahogany, but didn't do a good job on old teak. I had to use new blades.

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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.

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I would try and find a thinner piece that would work than to try and plane down the 3/4" piece, althou it would smell nice for a while in your shop.