No it won't make boxes.
It will slightly diffuse MH lighting but if you have Flourescent lighting it can increase the amount of light entering the water. Boxes should be as large as possible - 1/2" is standard I believe.
I use egg crate on the back 6 " of my tank with no noticeable loss of light.
I use standard 1/2" eggcrate cut to fit tightly.
I only use it on the back part as the canopy would serve as a "backboard" if a fish ever tried jumping over the side or front. The back is open (ie no backboard).
Has worked so far as I've not lost a fish.
FWIW.
Spinner
so it wont melt with a plastic egg crate with my light .25 inches over them?. again they are 2x96watt coral life and they have a little piece on each end of the light so it sits right on the lip of the tank.:happyfish