It doesn't matter much what fabric the sleeves are made of (CRL: "Sleeves are made from matte black canvas or similar natural material."), but try to match the screen used one as much as possible. A light/medium canvas fabric is absolutely fine. For approval, only level 1 counts. The piping isn't mentioned spesifically before level 2, so you could just use regular black piping if you'd like.
If I were you, I'd get as close to the movie as I could within the budget though, just because it would look better. Twill piping isn't harder to put on than regular piping, for instance :-P