Ttharp, I think it would work. I've not tried to do anything that thin, but I've definitely planed wood glue ups and they are fine. I don't know how much heat a drum sander would generate but I can't imagine it would be enough to delam the pieces if the glue is fully cured. Try a test glue up and let the glue dry for a couple days before sanding. I think you'll be happy with the results.
Roger, I think the idea is that yes gluing thin veneer to plywood certainly works. We all know lots of furniture built this way that last generations. The original question is basically "how thick can I go with the veneer?" Ttharps question was "glue first and then thickness the veneer or thickness first and then glue?"