Acrylic is OK, but 1/16" is far too thin to be drilling ino the edge of it. Making boxes could be done with glue, of course, and it would be easy enough to drill holes theough from outside to inside a box. Even so, 1/16" is probably too flimsy. I'd go at least 3/16" or a little more.
As well, it isn't the easiest material to cut and shape. There are a number of boxes available for projects from folks like Hammond, though they are a bit pricey. You can find a variety of boxes on eBay, of course. Search "Waterproof Plastic Electronic Project Box" for boxes for outdoor use, or leave off "waterproof" otherwise. I picked up a few waterproof ones for about $3 US each, from China, with free shipping.