To answer your original question:  1/4" acrylic is great for laser cutting, depending on your laser(wattage, cutting table, etc.)  It seems a little thin for awards or trophies though.
On the other part of your question...I agree with watsons 
signs.  
Custom awards/trophies and cheap and easy don't belong in the same sentence.  
Why do so many 
sign and graphics "professionals" focus on cheap and easy. A real professional sells quality, service and detail.  Get out of the Walmart philosophy!!