I prefer acrylic over glass, but its really just a matter of personal preference. Cost, weight, strength and clarity were the determining factors for me. If you went with glass, you could use two 1/2" starfire glass panels laminated together. I think you'll find the cost to be pretty high though.
Required glass thickness depends on a lot of things. The length and height of your tank are the main factors, along with cross bracing, support/overlap on the window pane, and overall rigidity of the tank itself. The deeper you go, the thicker the glass needs to be. On my tank, I used 1.5" acrylic.
What are the proposed dimensions of your tank?
You do not need glass on the back/side walls of the tank. But it cannot be just pure wood either. Again, depending on the dimensions of your tank, you may just be able to lay fiberglass tape in the corners/seams of the tank, and then roll a few coats of epoxy on the walls. If the tank is real big (deep) I would reccomend fiberglassing the walls as well.
Some people choose to lay 1/8"-1/4" acrylic over the walls of the tank as well. They do this not to seal the tank, but in an attempt to protect the epoxy. I personally feel this is unnecessary, as the epoxy is very durable. Furthermore, I was concerned that algae would grow behind the acrylic, and be impossible to clean.