You could handle the smell for under 40 bucks, even less than that.
As for a set up, you can get bulk dirt, perlite, and casting, cheap pots, a cheap fan system, cheap fert, a light timer, and that wouldn't run you too high.
The only thing I think would be high would be the lights, and any air temperature regulation you would require.
Edit: Get the mh's and hps, they pay for themselves after a little bit of constant use.
