Don't you have enough 'real' work to do?
I wouldn't use hardboard as a backer, it'll warp heavily over time. Good ply is probably least likely to warp, but any thin board will somewhat. But why do you want more 'reflective performance'? I'd say just use foam as the backer to keep it light, plus it won't bow over time. Prime the whole thing with Kilz when it's done, then spray on latex paint to match your wall.
A QRD that size would be just as effective if not more-so, and would be easier to build I think. Gearslutz has tons and tons of diffuser plans.