A better solution would be to use 1/2" layer of plywood (no tongue & groove), then use a tile underlayment like 1/4" Hardibacker, Durock, Permabase, etc., then tile. Alternately, you could step up to 5/8" ply, then use Ditra. Either option would add up to about 3/4".
I would avoid tiling directly to plywood, as it can be problematic at best. While it can be done, it has to be done strictly to specs. A tile underlayment is a wiser choice.
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