Aravindk,
I'm not sure of your location but please look in your yellow pags for a local plastic distributor, you can find *much* better pricing than $11/sq ft for 1/4". You should be able to get a full 4 x 8' sheets for $5-6/sq ft retail which would give you all the material you need for your sump.
As for extruded vs cast. hmm, not sure whether to take issue with a previous post or not so won't... but extruded does *not* cost haf of what cell cast does, if you are smart and shop around *a little* - you can get extruded for ~$4/sq ft retail. However, every bit as much stress is going into the sump as a display tank and since most folks underbuild sumps anyway - probably more (heck - it's only a sump right?) use the best you can. Can extruded hold up? sure can but can also craze easily and fail. I'd follow fade2black's advice and not take any chances with this.
Using the pricing above, a full sheet of cell cast should cost $160-192 retail, extruded should run $130 or so retail, difference=$30-60. A cheap insurance policy. If you have problems finding material, lemme know.
FWIW, for cast material I recommend *only* Polycast, Acrylite GP, and Plex G; in this order.
For your sump, I'd get rid of the baffles between A & B, no reason to get rid of bubbles only to shoot the water into the skimmer, which will just create more bubbles anyway

Just have the outlet from the tank drain submerged in the skimmer chamber and you'll be good. Either keep this as a larger chamber for larger skimmer (as previously posted) if desired or make the return area larger.
If you plan to use a eurobrace on the top of the sump (please say you are), then 1/4" will be fine.
HTH,
James