While I normally would agree that the extruded foam is better than the beadboard, if you're going to use it strictly as a base for everything else, it should be OK. Just be sure to seal it with paint and plaster along the edges which will have a tendency to get damaged, releasing more of those d*** little beads!
While in my old club in Mobile, we used beadboard for everything. This was in the mid to late 1970's and this was all we could get. We layered it for hills etc, and we even got a realistic cut/rockface out of it. It was extremely messy to use, until we discovered hot wire cutting. We took an old soldering gun, and instead of the regular tip, we formed a loop out of old coat hanger wire. The loop could be shaped into anything we wanted the cut to be. Just pull the trigger and when the loop was real hot, we gouged out what we wanted, by slowly pulling/pushing the gun and loop along.
While it was a lot less messy, then when trying to shape it with knives and saws, there was still a lot of vacuuming needed to get every last little bead off of that layout, before the hard shell coating was applied.