opinion

[Cap'n]

I may go fish only but really like the reef idea but want to have some LR.

You've almost answered your own question here. Start with LR, it works and looks too good not to have. Wait until everything stabilizes and you have thoroughly tested your patience. Add a few hardy fish. Test your patience again. Add a few easy corals. Exercise your patience some more.

Basically just progress towards more complex and fussy inhabitants until you have the tank you want.

The only thing that concerns me with this approach is lighting. I have heard a lot of people complain that they should have started with more powerful lamps from the beginning. I really have no experience with high-power lighting so will leave that to others to advise.