I've built my fair share of air powered cannons you should check out
www.spudfiles.com they have some amazing stuff. What material are you looking to construct it from, Ive built them from pvc, copper and brass. The best design I have seen so far is a coaxial piston valve, heres a basic diagram of how it works.
basically air pressure from behind forces the piston to seat against the barrel port, then when air is released from behind, pressure acting on the front of the piston opens it very quickly.
Heres a simple diagram I made for constructing a cheap piston valve from pvc plumbing parts, although since youre on a machinist forum you are most likely capable of much more than the average spudder.
these principals can be applied to pretty much any scale and material. The piston can be made more efficient by using a floating oring seal to prevent any air escaping out of the pilot.
heres the cannon I made, its 1.7" calibre for shooting golfballs, according to a computer simulation should put a golf ball about 500 yards though I have never been able to test it