I currently have a 55g that I am turning into a reef. I have two hang on filters (filter media has been removed) and a rather cheap (for now) protein skimmer (Odyssea) along with 70+ LBS of LR. I have 260 watts of power compact lighting, which seems to be working quite well (corals seem healthy, coraline algae is spreading, and all fish are doing very well). I currently have two green ricordea mushrooms, pulsating xenia, and acrapora in the tank. These have all been in the tank for 2 or 3 months now and are doing very well. The xenia has already started to spread, the mushrooms went from singles to a double and a triple, and the acrapora has nearly doubled in size since I bought it. I am rather anal when it comes to water changes, testing, and cleaning, which I think is more important than the most expensive equipment.
Take your time and keep things on schedule as it pertains to water changes, cleaning, light timing, etc... and you should be fine. I decided to start with cheap corals first in order to see how well they would do with my set-up, which I think is a good idea (especially when I considered that the corals that I picked were attractive to me). Good luck!