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Question that remains: What sort of plywood? My local big boxes have BC that looks too unstable to float. CDX sure is out of the question. They have some birch plywood listed as hardwood ply that looks and feels very stable. Costs more too. I have not priced baltic birch, but I suspect its not cheap (I have a good deal of cabnetry experience and baltic birch is a real joy to work with!)
I'm not sure why you say the BC grade looks unstable. And why do you say the CDX grade is out of the question? Most often, the lower grades are used because they cost less and are going to be covered but they should be no less stable. By cutting the plywood into 16" x 8' strips (panels) you will allow it to conform more easily to the subfloor. Kerfing the backside is recommended as well. A full 4x8 sheet will not usually lay down as flat. The 2' x 8' panel is also a good option. I do not think baltic birch is called for for a subfloor/underlayment. Just my opinion.