For three plants you can use something like this for seedling and early veg until you transplant into larger final pots.
http://www.amazon.com/EnviroGro-FLT...8&qid=1346291477&sr=1-1&keywords=hydrofarm+t5
For late veg and flower I would use nothing but HID lights.
I'd grab a dial-a-watt 600 digital ballast with one 400 watt mh bulb and a 600 watt hps bulb. Use the 400 bulb for mid-late veg by dialing down the 600 watt ballast to 400, then when you wish to flower put in the 600 hps bulb and turn the dial up to 600.
You can use t5s all the way through veg, maybe all the way through flower, but your yield will not be good. You could get away with just vegging under the t5s then instead of buying a MH bulb which is a type of bulb needed fro veg, you could just get the hps for flower and go right from t5s in veg to hps in flower. But again, you would have to veg longer under t5s to even come close to how big you could veg under an MH.
18/6 veg, 12/12 flower. Nothing else.
You need negative pressure, which is more exhaust leaving grow room then coming in, and a carbon filter. You could exhaust into a larger room and then vent that room or run an exhaust to some outlet. There will be no smell as long as you maintain negative pressure and have a good carbon filter. But if you exhaust into home, apartment or whatever, there will be a somewhat noticeable charcoal type smell, nothing great. But you will also have higher room temps if you exhaust inside and not out when the lights are on in the grow rooms.
If you did it with t5s, mh and hps you could get 3/4 pound every 60 days or so. With 2-600s you could get maybe 1 1/2 pound. Depending on ability to keep a plant healthy and it's environment. If you just go with t5s all the way through with three plants you'd be lucky to get 2-3 ozs.