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In my opinion, a halfway fix is never a good idea. It just causes trouble for the next owner. I definitely do not think your suggested fix is in any way "too heavy", but if you can spend the money for one inch plywood, it wouldn't cost anymore to tear up the existing subfloor, shim the joists, and put down new 3/4 plywood. Some day you will sell the place and you will be selling the repair. I have been doing this over 30 years, and believe me, shortcuts are never a good idea. Also, filler will not bond to vinyl tile well enough to last. Good luck.
