Your plan looks good with vegging longer and scrogging.. The light you have propably has 120 1w diodes that use 80 watts in total. So it´s not that powerful. And its old technology. I´d get another light next to that one that uses 3w diodes at least and has good lenses, i´d prefer 90 degree ones.
If you aren´t looking to make a big investment, you might think of getting a couple of cfls. Biltema has 30w esls for 3 euros. Theyre not quite the best colour temperature at 4400K but they still work fine.
Happy growing!