I really dont thin the intesnity of the light wil have an affect on any fish, unless they are very deep water fish, or otherwaise sensitive to light. As for the algae growth, you can have an outbreak with the littlest amount of light, as well as a very intense system, theres more to an algae bloom than light, you have to consider nutrient levels, spectrum of light, ect.
Lerch, You can dith your pcs, but youll want something to run actinics like a pair of PCs or VHOs, unless you plan to run a bulb with a high kelvin temp, then you can just run the MH if you wish. HTH