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In the old days, hide glue was used for gluing veneer. Sometimes, it can be re-activated by heating it with an iron. Try going up to some of that "beyond repair" plywood and putting an iron on it. Experiment. It can't hurt anything if the plywood is already shot. Your plywood stands a pretty good chance of not having hide glue in it, but you never know. Modern glues shouldn't delaminate with exposure to water, so whatever the glue is, it's not what they use today for plywood.
Like HM, I haven't done any veneer work, but I did work for a guy for a year restoring furniture. When he would let me walk away from the tank of stripper and watch him, I once saw him repair bubbles in veneered furniture. If there was a small bubble he would try the iron first (a special veneer iron.) If that failed, he would try injecting it with a syringe using regular Elmer's wood glue. If he had trouble with that, he would get out a utility knife, and slice the bubble with the grain, and use a piece of paper to work glue under the veneer. A special veneer hammer was used to press down the veneer to make it stick. If the hammer didn't work, he had a small slab of marble he would set on it while it dried. Then he would sand and refinish.
Good luck with whatever you end up doing.
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