Fishamajig,
I can't tell you what will work and what won't. I am working as hard as you to put together as many different opinions from folks here and LFS people I trust to make my own decisions.
I can tell you what I've got.
I have a 55 gallon with 80 lbs of live rock. A sump, protein skimmer, UV sterilizer (on 6 hours a day), and a closed loop. I have about 18X to 20X turnover between my filter and my closed loop.
I have 260 watts of PC lighting which equates to about 4.75 watts per gallon.
I have stable water chemistry. Ammo zero, nitrites zero, nitrates less than .2 mg/l. Phosphate less than .2 ppm. SG 1.024 pH 8.2, DKH 8.
I have a Toadstool leather, mushrooms, zoos, yellow polyps, a hippopus clam, and a purple gonipora. The only loss I had so far was a torch, which I think died because I acclimated him poorly. Today I picked up a derasa clam (thanks for the encouragement sweetreef) and a sebae anemone.
Many, many folks on this site will tell you that a gonipora will croak in a tank. So, mine probably will. I was talking to the LFS owner about my lighting, and he said his opinion was that sebae do best under PC lighting, so I figured it's worth a try. I'm sure there are plenty of opinions to the contrary.
The point is that it's your tank, and your cash. This website is a wealth of information. You should do all the investigating you can stand, and make your best decision. I see this as more than a hobby, it's an experiment. Sometimes you gotta try things for yourself to learn.
I've had a few people tell me that 3 to 5 watts per gallon is a general good starting point for the soft stuff (mushrooms, zoos, etc.). I'll tell you that If I could do it over again (I probably will next year) I'd get something with metal halides.