My best advice for anyone starting a new tank is to plan ahead. As exciting as it is to jump in, I realize now I probably would have done a couple things different. Plan ahead = save $$ in the long run. I have the same tank, and I went with a 48" Coralife power compact light, which I am very happy with. This light is 260 watts, which translates into 3.6 watts per gallon. I am going to upgrade top MH when I save the $$$. It works well for a fish only, and I also have a few anemones that are doing fine. It just depends on what you are planning to keep in your tank. Just make sure you have enough watts per gallon for what you are stocking. Lighting can be very expensive, but if you only have to buy lighting once, it sure beats what I have to do which is buy lighting twice!!! You are going to need to keep your inhabitants happy and alive!!! and so many people try to get by on too little light. I went with a XP3 Filstar canister filter, which is both easy to maintain, and efficient, rated - 350 gph. I like it, but honestly I will eventually switch to a refugium wih a very good skimmer, such as an ETSS, when i upgrade to a reef tank! A skimmer is very important, and as I have never used the one you have, try it and see how you like it. You can always upgrade or change it to suit your needs. Also, I have about 80-90 lbs of fiji rock, and add a little here and there when I see a piece I just have to have. Make sure it is fully cured before putting it in your tank if you have livestock already in your tank. I only have about 60 lbs of crushed coral, and I like the way it looks, but again I've seen tanks with no substrate at all> *** but I'm not reccommending that!*** With the filter - 350 GPH, plus a powerhead rated - 400 GPH, I am turning it over about 10 times an hour, which many people reccommend, but a lot of it is personal preference, and what you are stocking in your tank.
The great thing about saltwater tanks is that you can constantly upgrade them as needed, which in my case is true. I hope this helps, and I wish you the best of luck with your new setup!! PS> I just posted some pics of my tank, so you can see how I set mine up.