Honestly, the only way that I would use liner for a tank would be to cover each piece of wood, put them together to form the box that is your tank, and seal the seams with seaming tape (made for attaching 2 pieces of pond liner together with a watertight seal). Even then I would not be completely confident with the seal of the front window. I do not like the idea of water pressure aiding in the sealing... What happens if for some reason you drain the tank down 75-90% (aka, waterchange, which would happen quite often) and the liner/silicone seal (which I may, at this point, point out does not stick to liner very well at all! it sticks to liner just about as good as it does to acrylic, suckishly) is stressed. Over time, if this draining keeps happening (which it will.. every week... over and over again) will it not stress the liner and the seal... a lot?
The pondarmour method, though you may need to touch up a few times (what is so hard about touchups? If it is within 72 hours just slather it on, otherwise throw in a quick sanding and repaint), is a much more sound way of defying conventional logic, containing water in wood.
Pros of Pond Armour over Liner:
-No wrinkles
-No achoring at the top of the tank
-No tears
-Comes in like 8 or 9 colors
-Less reliant on water pressure for front glass sealing
-Silicone sticks much better
-No edges to hide
-Easier in corners where there would be a huge flap of liner if using liner
-No little seams and gaps for fish crap and food to hide in/fish to get stuck in
-In the event of a leak you can drain the tank and apply some more pond armour
Cons of Pond Armour over Liner:
-More expensive, but only for the larger tanks (though, IMO, the price is definitely worth it)
-A little smelly at any temp(pond liner smells when warm though... building our pond in 102* weather made our whole backyard smell nasty for weeks)
-Must be warm as possible to be worked with easily
-Messy (can get everywhere)
-Sets up in an hour or so... You must work quickly
Pros of Liner:
-Cheaper (though with smaller tanks in the 350-1000g range or so, very similarly priced)
-No smell when cool (when warm, like I said, very nasty, yet harmless, smell)
-Never sets up and can always be worked with
-Work with in any temp
Cons of Liner:
-Wrinkles and BIG flaps of liner in the corners
-Must be anchored at the top of the tank
-Can tear
-Black black black! Only 1 color
-More reliant on water pressure for sealing window
-Silicone sticks totally suckishly
-Must hide the excess at the top of the tank
-Corners can be a PITA (the corners in our pond sure were!)
-Seams and gaps for fish crap and food to hide in/fish to get stuck in
-In the event of a leak you must drain the tank and either patch the hole (which can look funny and mismatched) or replace all the liner.
I tried to put as little bias as possible in those lists.. .but being a pond armour fan boy it was difficult. Feel free to add pros/cons of your own.