If you don't have fish that are known to jump out of aquariums, you could have an open top. If you go with an open top your lights should have a cover to eliminate salt creep and prevent condensation. As far as Iodine goes, you can suppliment sparingly to the tank as recommended on the label of the product, or just do water changes frequently and your inverts will get all the Iodine they need. I maintain a 240 reef and was adding trace elements through supplimentation and wasn't very happy with the overall health of the tank, so I just started doing more frequent water changes and everything is flourishing. Hope this helps