Marg,
I'm with Mick, but I'd sandwich between 1/4" ply cuz I find 1/8" cuts like soft butter and I have less ability to control the cut.
Sometimes the term 'travel' is used to describe how the blade inherently cuts slightly forward of vertical... on the one hand, it has to do with the mechanics of nearly all scroll saws and the arc that the blade goes thru as it goes up and down. On the other hand, 'travel' gets exaggerated if the blade is not vertical in the blade holders... this 'vertical' is front to back, not right to left (which relates to the table tilt). I find my DeWalt blade holders tend to rotate the blade front-to-back as I'm tightening, which makes it nearly impossible to keep the blade aligned vertically and increasing the 'travel'... I find the problem is worse on smaller blades because the thinner metal is weak (anything smaller than a 5)... I would think the Delta clamps would be better.
BTW, you don't need to use such a fine blade just because the veneer is thin... unless you're making tiny letters... especially if you sandwich between stronger woods.
Spence