I would recomend 2700k cfls if you want to do it cheaply.
The light cycle would depend, I am presuming that they are autoflowers so it would be best leaving the lights on 20/4 .
The more water isn't the best i would say water every 3 days or so depending on your plants, if the top of the soil is fairly dry and the pot is lighter than it normaly is then its time for a watering.
Hope that helps.