No. The material is what they make lots of Nalgene bottles (not the clear polycarbonate ones but the milky white plastic ones) and milk bottles out of. 1/8" may even be too thick. The stuff has a low melting point and is relatively soft so a pair of tinsnips or scissors would do. You can then finish the edge with a file or use a hot iron.

Here's a place that sells a 2x2 sheet for $12. Another source is Small Parts which is just a cool place for all kinds of stuff anyway. Delrin would also work as would polypropylene, nylon or aluminum. Of the choices polyethylene (HDPE) and polypropylene are the cheapest and easiest to handle. Aluminum would be the stiffest but hardest to cut and finish.