We are getting in our wood shipment tomorrow for 900 wall panels. Half of it is 7/16" osb, and half of it is 15/32" 3 layer plywood. Osb will be used in black hallways, under tiled walls, behind vacuform, etc. The plywood will be used anywhere we need to paint the wall and scene design it. The chip pattern of the OSB will come thru pretty much no matter what you do to it, (9 coats of primer, skim coat, nothing seems to cover it up), so I would not recommend using it anywhere it will not just be black, or covered by something else.
1/4" is too thin to go directly on framing. It can be used in areas away from actor or customer interaction, for example, the upper half of a 16' wall. If you want to use 1/4" luan, make sure you at least have 1/4" osb behind it as well for strength.