Take it slow reefs take at least a year to become mature. About 3 months to fully cycle you can try sooner but may run into problems.
Depending on what you want to put in your tank will determine your flow.
SPS need lots but seahorses want very little.
If you want to run a reef you will want to get a sump just makes it easier to filter and add things.
When you get coraline spots on your overflow the size of dimes you can add corals.
This is just my 2 cents though some might not agree. 
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150 Gal system 3'x3' 400W M/H, Bekett skimmer, Dart return,1/4 HP Chiller
180 Gal Drop tank, LED lights, Bubble master 250 skimmer,Hammerhead on a closed loop, Speed wave return.
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