When you skip the practical legal issues and problems of running a Thai business in Thailand as a foreigner (work permit, the requirement of having an office, business objective, filing taxes, having Thai shareholders and the requirements and restrictions under the foreign business act) and stick to this specific question 'can it be a front for land ownership' the answer is definitely not.
A Thai company cannot be a front for foreign land ownership. A company formed with this purpose is 100% illegal under the land code act and void under the civil code. The company would be considered the juristic person who acquired ownership on your behalf (illegal under section 96 Land Code Act).
You will be considered the principal and actual owner under the chapter agency of the civil and commercial code. The land will be considered your property through the company, and therefore you acquired land in Thailand without permission (section 94 of the Land Code Act). You may be able to circumvent the law, Thai lawyers may even assist you, but if you get caught there are serious penalties involved which could include fines, imprisonment (penal code) and deportation out of Thailand (immigration act).
A Thai company is not an alternative for foreign ownership of land or condominium beyond the foreign ownership quota. A majority Thai owned company can however own land in Thailand.
Also check the reference links below