I am not by any means an authority in lighting but I would say 34 watts is definately not enough. To be safe, I would say no less than 96 watts (a typical PC bulb wattage) but that might even be stretching it. So, before getting any corals, upgrade first.
In case you werent sure, N.O. = normal output. Flourescent lighting isnt enough. I recommend looking into getting a PC (power compact) or VHO (very high output) light setup in there. I'm not sure on the minimum requirements but personally, I try to avoid keeping something if I can only meet the its minimum life sustaining needs. I like happy critters so I dont like keeping them if I can barely keep them alive (the reason why I dont have an anemone yet.)
Also, I bet you'd like the way your tank looks with new lights, too. IMHO marine tanks look so much better when theres less yellow light in there.