Router for the edges is definitely preferable. A table saw with the right blade
Can work, but I've also seen multiple acrylic tanks fail along seams where you could see the marks left from table saw cutting.
Sanding is definitely a no-no for acrylic work. You don't want to risk creating seams where the edges are slightly out of square / flat.
I would strongly suggest rough cutting with a table saw, then finishing with a router. For the actual building, a router is also essential do doing a nice job. The right way to build an acrylic tank or sump is to slightly overlap the seams, then flush cut them with a router. This makes for a nicer finish on the end result, but more importantly the overlapping edge allows the solvent to puddle up just enough so that air doesn't get sucked into the seams as the solvent evaporates. Without this, air sucks into the seams causing bubbles, weak seams, and an ugly mess.
There are lots of ways to build stuff out of acrylic. Tanks have been built using a table saw, no trimming, and tape to hold things together for bonding. (I don't know how long said tanks held water, but it's been done). I'm giving you cautious and safe advice. I'm sure someone else will post alternative suggestions - take mine and theirs with a grain of salt
*PM me if you want to borrow a router, you've been around long enough, I suspect that a loaner could be arranged but you'd probably want to invest in a fresh flush cut bit*
Seep post #2 for pics of what I'm talking about when I say overlapping and then flush cutting the edges/seams. Look close, the sheets are welded with a lip hanging out on the outside sheet. Once fully set/cured, the lip is cut flush with the router leaving a perfect seam and edge.
http://www.bostonreefers.org/forums/showthread.php?119524-One-way-to-build-a-frag-tank&highlight=
Also see here for building a sump, start at post #18
http://www.bostonreefers.org/forums/showthread.php?102490-57G-Oceanic-build/page2