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It is possible. I have done it before, but with an even smaller tank. Of course, upgraded after 6 mts. As they say, the bigger the better. As for hob, since tank is in bedroom or office, you would be better off with a silent one. get the largest possible one too.
As for your lightings, par 38 is okay but pricy. I would recommend you spend money on yr filteration than on lighting as you hv a limited budget.
For filter media, i would recommend biohome.