I have no personal experience with the bubble tip, but from what I have heard, they are fairly hardy animals if given very good water conditions. I used to want one, but I had a hard time finding healthy, affordable bubble tips at my LFS. As for your filtration... I'd say you are probably ok. I have a few hard/soft corals and a couple of anemone (although no bubble tip) in my tank (see the url in my sig if you want specifics) and the only filtration/circulation I am running is off of an undergravel filter I pulled over from a 55gal tank and 2 power heads. That's all I've ever used and I've never had a problem with water quality.
Good luck.
Jackson