Think long term. When you want to go away on vacation, do you really want someone messing with the co2 on your tank, knowing they could kill all your fish within minutes with a small mistake? The regulators with built in check valves and auto cut-off do not cost that much and are well worth it IMO.
As for lighting, MH all the way. Go with a 6700K HQI. I did and am very pleased. For substrate, 100% flourite is all I use and am happy with it.