I recently received a question about whether phenol-formaldehydes would void our attempt at achieving EQc4.4, Low-Emitting Materials, Composite Wood & Agrifiber Products.
LEED allows the use of phenol-formaldehydes!
Go ahead and use as much as you like. Technically, your composite products can have urea-formaldehydes too, as long as they occur naturally and aren't added.
Mark Piepkorn of BuildingGreen had the following (must be a member to access) to say on the subject:
While... phenolic-resin panels are made with binders that contain formaldehyde, they do not release as much of the toxic compound as panels made with urea-formaldehyde binders, and they qualify for use in the LEED Rating System's composite wood credit.