Doc,
I do a variant on your technique. I use Elmer's Yellow Carpenters' instead. It's an aliphatic resin glue.
That type of glue cures over several days to waterproof final strength, or as soon as you hear the sizzle from pressing heat through the sheeting with a MonoKote iron.
Also, I run a thin line of the glue on the structure to be sheeted, wipe off most of it, align the sheeting on the wetted pieces and press just enough to mark the glue side where the structure is.
The another thin line of aliphatic on the sheeting, mostly wiped off, to fill any voids or gaps where it was marked. Let dry to the touch before ironing over it. You can still move it around a bit until you apply heat, then it goes off like a contact cement. Contact cements don't allow movement when they touch; aliphatic resin glues do, until heat cures the two preglued pieces together.
I like it for the strength, speed and light weight - you wipe off almost all the glue, except what soaked into the balsa, before you join the pieces.