I never tried lock miters in standard ply- too many voids and inconsistent thickness, but Baltic Birch or other better hardwood ply works just fine. I built a book case from Birch veneer ply with poplar (faceframe) from the borg- it was assembled with lock miters- the sides to top/bottom and even the faceframe was joined to the sides/top/bottom with lock miters- that took some figuring out, because if you don't do it right you can't attach the faceframe (hint: the faceframes should be cut in the vertical position)- see photos below.
The Infinity Lock Miter Master is fantastic setup jig for lock miter bits (all brands). I know the guy who designed it and he's a great guy- he also invented the INCRA I-BOX box joint jig which is another option for making boxes. The Infinity website has a very detailed set of instructions for using the jig to make standard and specialty lock miter joints.
All pieces in this photo were joined with lock miters: