I agree with everything Lucifer said. You might shop around the net because I've seen fairly cheap 150w HID lights with reflector for around $150 or cheaper.

Sun System 4 150W HPS Enclosed Grow Light - Plantlighting Hydroponics

150w HPS shouldn't give you too many heat problems, at least none that a typical box or oscillating fan won't cure.

As far as strains, are you planning on ordering online? Most seed banks have good descriptions of flowing time and whatnot.