120 gallon journal - picture Feb 27

[psuedo]

once you goto a tank of that size you are gonna want to start off with 2 400 watt MH, as anything else you buy you will end up selling to get enough money to buy the MH when you want to upgrade. All the corals that you will eventually want will require these lights, so save yourself the hassle and get the lights.
You might want to get another breaker installed just for your aquarium if power overload is a problem in the basement, as the last thing you will want will be the heater in winter failing and killing all your corals or your tank overheating in summer and killing all th ecorals all because your power to the fans went off.

If you build yourself a self contained hood and install 2- 4inch fans on them this will dissipate most of the heat generated by the lights. Then all you would need to do would be paint the hood the same color as the stand to make your tank look nice.