First off, welcome to MAAST!

Concerning the lighting question- what kind of corals are you planning to keep? If you only want to keep softies and LPS, the PC light would be okay. If you want to do more demanding corals, I'd look into metal halide lighting.

As far as filtration, the preferred method is running a sump. If that's not an option, and you really want to do the canister filter, pretty much what you described above is the best way with those.