My problem with fluted core is it dents easily. Might not be an issue in NC or CA, but around here signs near the road get dented from flying gravel and snow plows throwing crap at them in the Winter.
I lean toward ACM panel secured on at least 3 sides, no MDO backers. I slot the posts and bottom (and top if not shaped) cross member so a good 1" or more is secured inside the posts and framework.