i am no expert, but i will try to answer your questions.
1)it is possible, but you might have to get some things 2nd hand from pasar malam.
2)for lights, can go for lumenaqua or the new LED lights from madpetz(forgot what it is called)skimmer can go for BM, reef octopus or skimz.
3)i do not really know about any of this, but i think that with a few small wavemakers also can.but if i am not wrong MP10 can adjust it to mimick nature.
4)for wattage, not really sure but i think 2-3 watts will be ok.