The XPS foam used for panel manufacturing appears to be the same as the hardware store material, only with an added planing process to acheive better tolerance (I can attest to the thicknesses of hardware foam being approximate and variable) and a better gluing surface since the cells on the outer surface are cut. If the thickness variability doesn't bother you, you can acheive a similar gluing surface by sanding. IMO the dog brush is much better than sanding as a surface prep, but you could do both easily enough.
OC panel foam:
http://commercial.owenscorning.com/assets/0/144/172/174/3ebc8d51-67ac-4c49-a251-7db4d8f20fc9.pdf
OC hardware foam:
http://www.foamular.com/assets/0/144/172/174/98cf58e1-c3d2-4b6c-beb5-2063215bea18.pdf
Boat builders don't use XPS because it is too weak for optimized strength/weight hulls. They use foams >5 lb/ft^3, while XPS ranges from 1.15 lb/ft^3 for 15 psi and 2.2 lb/ft^3 for 60 psi. But panels made for vehicles do not need to withstand repeated pounding of waves.
In my testing the foam core is definitely the weak link in flexural failure, but I don't see that as an issue. Skins need to be "overbuilt" (much stronger than needed for optimal flexural strength/weight) to resist impacts and denting, and panel thickness is primarily determined by the degree of insulation desired. I can jump up and down (hard) on a 6"x36" 2" thick wall sample (supported at the ends) without it breaking.