Ok, change in plans. I think I'm going to go Hydro with this system instead...

400 watt HPS/MH GROW TENT CABINET LIGHT 400w hydroponic - eBay (item 180159720185 end time Mar-07-09 12:53:12 PST)

The same still applies though right? I will still need to make adjustments to the hood and make sure the room is at the right temperature right?

I do have AC in the room and I think I will be able to maintain the temperature but I'm wondering about the ventilation issue you were referring to pimp.

Will this fan that is included be enough or will I need more fans?

I'll do some research about the Coco Coir-Grow bags.

Sorry if im annoying with these newb questions. I just want to get it right or close to right the first time around.