People grow all kinds in all sorts of places, this sounds okay, but the devil is in the details. My advice, take the time to research existing compact grows and look at what they do. RIU is full of examples.
My immediate reaction is your lighting is going to piss you off. The various camps will say this or that about their respective favorite lighting methods, but at the end of the day, you'll get out what you put it. 100 watt incandescent bulb won't work. period. Get lighting that gives the plants what they need, just because it's bright, doesn't mean it's right.
I'm deeply entrenched in the HID camp, having initially tried CFL's through magnetic HID to my current digital ballast setups. If you making a budget, seriously consider at least a 400 watt dimmable HID for that space. That's how I started, and if I had to do it again, I'd be HID from the get go.
It's only time and money.