That's a cute cannister, Willem. Certainly didn't require any fancy tools!
I'd steer clear of home center window panes. They are almost certainly acrylic, which is great for windows, but try and put a screw in it and you will find out how poor a material it is for this purpose. If you don't believe me, get a piece, drill a hole in it, and screw it to a piece of wood. Tighten the screw enough to seat the plastic firmly against the wood. Looks great right? Now set it on the shelf for a couple of days. When you come back it will have a multitude of cracks radiating out from the screw.
Polycarbonate (PC) can do this too, but it takes a lot more force. Most other plastics won't do this.
Getting lids of 1" PC for $25-30 seems like a bargain. I just looked at Industrial Plastics, and there are several decent options, but PC is twice the price of the next, and almost 10 times PVC!
I figure 3/4" is plenty thick, as the smaller diameter only needs to be thick enough to hold the o-ring and center the lid in the tube. 3/4" x 12" x 12" sheets at IP are currently:
Polycarbonate - $117
Acetal (Delrin) - $58
Nylon (non-specific) - $51
ABS (non-specific) - $28
PVC (non-specific) - $13
The PVC doesn't even meet their minimum order of $20.
Hacker's Haven (AKA McMaster Carr) prices are substantially higher, though they will sell smaller pieces and have no minimum order.
My preference would be PVC or acetal. PVC because it's cheap, and acetal because of its strength and easy machinability. If you were planning on beating the crap out of it, maybe nylon because it will NEVER crack. My buddy is making and selling nylon jump reels for cave diving because the delrin ones are breaking. I would only use PC if it must be clear for some reason.