foam board under floor?

[Dave Gower]

I am having to rip up a piece of floor about 8 by 12 feet. The old floor is not solid (plywood over strapping) and is about an inch and 1/2 thick. I don't want to use the old strapping since with settling over time it's no longer the right thickness to be level. My question is, can I put down foam board and cover it with plywood? Will it stand up over time or with use will it compress down? It's a front hall so will see substantial traffic.

[Dave Gower]

By way of clarification, the inch and a half refers to the planned future thickness, not the present one.