I've used that cabinet for vegging...it's terrific. $19.99 sale at Target--yes! And I have exactly the same lighting set up--4 23-27 watt CFLs in a 10.5" reflector. You've got plenty of lights in there. That's about 13000 lumens in a 2 sq. ft. grow space.

I've never taken plants all the way through flowering in the cab, although I guess you could. You'll have to LST a lot, and start flowering early...when the plants are, like, 9 inches. (You don't actually get 32" of grow room out of these cabs...you lose a couple of inches at the bottom, and about 5" at the top for lights.) Add in the amount of soil below a flowering plant, and you really end up having to keep plants around 15-18" tall.