When you skip the problems of having a Thai company in Thailand as a foreigner (the requirement of having an office, being in operation, having a business, filing taxes, having Thai shareholders and the restrictions under the foreign business act) and stick to this specific question 'if it can be a front for land ownership' the answer is no.
The company cannot be your 'nominee', a company formed with this purpose is 100% illegal under the land code act and void under the civil code. The company is considered the juristic person who acquired ownership on behalf of a foreigner (illegal under section 96 Land Code Act).
You will be considered the principal under the chapter agency of the civil and commercial code, and the company is considered your agent or nominee. The land will be 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