It is not just paper. More like a high density cardboard. It does have some rigidity to it. There are several people in this thread that just screwed down the shanks on the board without adding any other material. That might be OK if you were just screwing down the shanks, but if you are attaching manifolds and regulators, you need something for the screws to hold on to. They would pull right out of the cardboard backing. The extra backing also gives more rigidity when cranking down on the shanks.
I used the 4 1/8" shanks. After adding the thickness of the underlayment (I think I used 1/8" utility board), and the veneer, there was just enough thread to screw on the tail pieces. Had I used plywood or something else on the front instead of the veneer (won't work anyway since the door is not completely flat), there would not have been enough thread.
Here is a link to the veneer that I used:
http://www.rockler.com/psa-pressure-sensitive-veneer-new-sizes-new-24-inch-x-32-inch
It was just the right size.
One note, be EXTREMELY careful when applying the veneer. The backing is super sticky, and once it is laid down, it is there for good.
I purchased this scrapper to get good pressure on it to help the adhesive form a good bond:
http://www.veneersupplies.com/products/Veneer-Scraper-for-Backed-Veneers.html
It is best to have some help when you are putting it down. I did not, and had to reposition because it was not going down straight. Fortunately I realized it early on as I was placing it, so I was able to pull the little amount up that I had down, but some of the adhesive stuck and created a small bubble.
This is the method I used for doing the panel. First thing I did was to lay out the veneer flat on the table, then measured the actual dimensions and cut the trim. Once I had test fit and adjusted all the trim pieces to match the veneer, I stained and sealed the trim with urethane (left the back raw, and rough sanded, marked each piece by location).
If I recall correctly, I aligned and glued down the left side trim, top left rosette and top trim first and used them as a guide for laying the veneer, and then glued down the rest of the trim. Once the glue set, I stained and sealed the veneer.