Well you have the 110 Already, but its not the ideal tank for a serious coral tank, the added height will require more powerful lights unless you opt for a really deep sand bed, and a lot of high stacked live rock. Hang on overflows will work, how well depends on which one you choose and what you expect from it, the beauty of a drilled tank is that you arent obligated to run the overflow at near max capacity to avoid possible airlock from trapped bubbles.
As to which lights, a of that depends on what specific types of coral and other reef animals you have a burning desire to keep. There is no one size fits all reef tank formula, coral reefs and the creatures that live there have a wide variety of niches they fill, and the best plan is to decide what then work out the how before spending a lot of $$$$
As far as operating costs, just the lighting alone for a 2x250 watt MH is half a kilowatt/ hr for the lights alone, add 20-50% depending on what type of ballast. Electronic Ballast are more efficient than old fashioned coil and can or tar ballast(found in some cheapo retrofit kits)
A shorter (ie 24" vs 31") tank could benefit from T5 lighting, depending on what animals you gotta have.
If you know what you really can't live with out or what you have your heart set on, it would be easier for suggestions as to what works and what doesnt
Oh, WELCOME to TRT
