I have done so with 1/4" luan, for a tighter radius, (8-16"), cut the plywood across the short side. The 4 ft. rips will bend much more readily than ripped the 8 ft. way. This is a much cheaper way and in my opinion, the curve created by the luan is a better quality bend, and easier to gauge than the bending (wavy)ply which I have used too, it dips readily between spans, unless it is built up in layers, which may complicate other aspects of your job. 2 layers of luan, bonded together with construction adhesive will provide a good backer to create your curved wall. Lap the next layer over the breaks of the first, this will help smooth out the ends at the first layer, which always has a flat spot at the last span at the ends. Use the same glue for the paneling too.
Another question, if the studs are at 16" centers, it suggests it is a big radius, maybe 4 ft.? Typically a framed radius wall is done with a much tighter spacing, most of the time 8" apart. If the radius of the wall is really tight (1 or 2ft for example) a 6" spacing is not unusual.