the first step would be to clean it up nice and paint or sheetrock it, then get some mylar or matte white pain. now you have the walls setup. no one can really tell you what the best way to setup your grow but you can get creative and have something you like.
a couple things i want to mention.
1: if you plant on harvesting 1 oz a month you will need a veg area. this can consist of 1 plant at a time, veg for 4 weeks then off to the flower. i suggest CFL's for this in the 6500k spectrum range (blue) you will need to have another plant ready to go in when the previous one goes into flower, this will give you 3 plants at a time total. 2 in flower 1 in veg. when one gets harvested you put the one in the veg room into the flower chamber and start a new one in the veg room, from seed or clone that is up to you, if you want to switch up strains i suggest placing a order through the attitude and getting some pick n mix seeds during a monthly promotion, spend about 100 bucks and you should end up with enough beans for a year or better of growing.
2: stealth noise and smell. like someone said a quality carbon filter and a QUALITY fan. the more you slack and try and cut costs on these the more dissapointed you will be. they make some relativly silent fans but they are a little pricy.
3: for soil i would use a quality pro mix and soem fox farm soil. or just straight fox farm soil. and while your at it pick up the fox farm lineup of nutrients. they are simple to use and i have seen many members get good results using them.
4: for your flowering light i would recoment a 400w HPS. with a cool tube or air cooled hood. this again is one of the things that if you go cheap you will get a dud ballast. that being said, Apollo brand grow light kits on amazon.com are fairly cheap and they are backed with a decent warranty.
http://www.amazon.com/Apollo-Electronic-Dimmable-Reflector-Hydroponic/dp/B00521B894/ref=sr_1_1?s=lawn-garden&ie=UTF8&qid=1358610189&sr=1-1&keywords=apollo+600+watt+grow+light
i linked a 600w light because its the same price as the 400w and you can dim the 600w down to 400w you will just need to get a 400w bulb. or you can run it at 600w as long as you can keep the room cool.
as far as veg you will be able to dial in how long a seed takes to get to the size you want, if you have to start the seedlings a little earlier in a small cup to make sure they are the proper size when they go into veg. say from seed your happy with 6 weeks of vegatative growth. but you want to harvest every 4 weeks so you cant veg the plant for 6 weeks going by only having 1 in veg at a time. just start the seed 2 weeks after you harvest, this will give you 2 plants in veg, one smaller plant and one larger plant. then when you harvest the larger plant will go into the flower room leaving a 2 week old plant in the veg, 2 weeks later start another seed. this will give you 2 plants again and you will be able to have your 6 weeks veg (hope this makes sense to you)
as far as sectioning off the room...veg plants are going to be smaller than flowering plants. i think you could get away with sectioning off the room into 1/3 and 2/3 segments. but mess around with it and see what suites you best.
if sectioning off the room dosent sound like a great idea maybe consider going with some autoflowering strains, at least till you get the hang of it. people hate on auto's but i have grown them and seen others grow them and theres nothing wrong with them. and they would allow you to keep all your plants under the same light and timer. all you would have to do is start the seeds at the correct given intraval. (every 30 days)
i think thats all i have. ill be around
RMTB