oh yeah, basswood will be fine for this. I built planes with with my father for years, So I got a bit of a handle on the stuff
my biggest choice in bass wood is economy for the assembly line. the models will be painted solid and I'll be using wood fillers for the gaps this time so there's no need to use mahogany on those.
One thing you can't see in my pic up there is that I took some scrap planked mahogany to end cap the stern and that looks pretty nice with the finish. the mahogany is not stained, its only the poly coating providing the sheen.. The next time I do one for myself I'm thinking of using planked mahogany set at a 45 degree from the bow. The biggest concern there is that the planked sheeting is prone to cracking along the ribs. Thats fine and encouraged for a tight radius bend, but can suck if yer trying to make a gentle slope and it splits on you! Steaming the wood should make it easier though. I usually use 90% iso alcohol for bending balsa and what not. I find its not as prone to accidentally warping the wood. But I got a steamer so I'll be putting it to good use.
the keel bulb? yep... already ahead of you friend
I'll be using the drawings to make a balsa form of the bulb half, make a two piece mold in plaster of paris and in a tin/lead alloy. you might know it better as reclaimed wheel waits from the tire shop
Considering these things will be given away to small children I'll also be coating the keel bulbs with plastic tool dip. Y'know? that stuff you tip wrench handles in and what not to insulate and provide grip? they sell that stuff in cans in a multitude of colors. I figure its the best way to protect the kids from the lead in the alloy. Just regular galvanized for the keel and rudder like in the kit. I can get a roll of that stuff from the hardware store that'll last me years!
Sail material can be regular rip stop nylon kite material.
Oh! I also solved my little problem with the mast shrouds.. in my big pile goodies I found a couple of packs of random cotter pins. picked out some that slid right into the 1/16th brass tube stock. A little shot of regular rosin core solder will secure them and now I have a nice tight loop!
Been a long hard day in the beer mines so I intend to get some grub when I get home, and pass right the eff out. but, I'm jazzed to get the rigging done in the morning