One of my ignorant concerns was whether plants placed 12" above grade on sheetmulch would be able to access water at or below grade for a while. I guess the roots will reach and not find it hard to make it through the bulk materials, which will hold their own water from rain. Any added thoughts?
You need to consider the over all plan. What is happening between the sheet mulched beds? Hard packed path, mowed grass, ground cover?
Most sheet mulch plans do not put plants at the top of the mulch but at the grade level in finished compost so that the roots are in the soil that is being built by the mulch breaking down.
For examples: My berry vines have a mowed between rows and are kept mulched with grass clippings. My vegetable beds that are cross slope are leveled and mulched the width of the path and bed with heavier mulch on the soil raked to the edge with plants transplanted into it.
Also, I have never heard whether the end goal of sheetmulch is to see it compost down, at which point it's established and doing well. I had thought of doing composting in place. I guess you only need to do that a time or two in any given place before it's fine for a while / perpetually?
Yes that is the goal. Eventually you will have raised beds on contour with naturally developing swale paths in-between.