If you could carve the case from a single block, it would be amazing!
But get ready to drop a grand between the block of material and the hours of milling, unless you've got access to a CNC mill
Technically you could do away with a Dremel, but most likely you'll burn a couple of units and probably 5 or 6 lateral cut bits, too... Not to mention the insanity of hours you'd spend. That is coming from someone who periodically mills PTFE (Teflon) parts for his R/C cars with a Dremel and a steady hand
A carpenter's router would be much better and faster for the job, since it has much broader bits and a much more powerful motor. Plus it sits on the surface, which means no need to do insane amounts of force to keep the tool straight
Still, I recommend going the paneled way. Much, much cheaper, faster, and can look as good/be as solid if you do it right
Get this going!!
Edit: If you're handy with the drill press, you can get a titanium lateral cut bit for thermoplastics, and with a lot of patience carve the acrylic shell. But, as I said before, the material is very expensive, and one wrong move and you'll ruin the bit.Edited by Artikbot - 1/7/13 at 3:45pm