This is what I've done so far--this is actually for a nano-reef.com contest! Since I'm in the stock division of the contest, max lighting is 40W using the Current USA Satellite 40W 50/50 bulb and that is the light I'm using. I also picked up a Penguin 200 BIO-Wheel filter (200 gph) and am using the Bio wheel at the moment. I also have a Maxijet 600 (160 gph) on hand for any extra turnover that I may need, but it is not installed now.
I actually did go with 7 lbs of somewhat cured live rock from a LFS, and got some caulerpa, halimeda, and udotea along with coralline as hitchhikers on the rock. Less I have to buy

! For the substrate, I went with 3/4 aragonite mixture of seeded Nature's Ocean from my other SW tank, fine aragonite, and coarse aragonite. The other 1/4 of the substrate is Eco Complete Planted substrate from my planted FW tank. It has lots of good stuff in it.
So far after just a couple of days, the cycle is almost complete, new caulerpa shoots are sprouting out of the rock, and everything is looking good. For halimeda, should I now artificially boost the calcium to sustain it? I have on hand Seachem's Advantage Calcium, Seachem's Reef Builder, and Greg's KNO3. I'm thinking of ordering Greg's CaNO3 and supplementing that since K is not really as important in a reef, or is it?
Here's a pic from the other day and the thread of my contest entry.
[Stock] WarEagleNR88 - Nano-Reef.com Forums