It's totally up to you, but thats what I would do. I'd look at Hempdepot, Weedfarmer, or one of the other hundred or so seedbanks/vendors, and select a cheap-midpriced strain from them. They'll give you a good idea as to the time it takes from start of flower to finish. Plus the strain should be well stabilized.

As far as light goes...until you start talking 1000 watt HID's, it's hard to have "too much" light. If it's cfl's you want...pack em in there! I'd use as many as you can. I have 16--42Watters in my lil spot it's----7.5 square ft of floor space. That works out to 89.6 watts/sq. ft. My girls seem to be doing fine. But if I could ($) I'd double that.
Good Luck!