I'm using compact flourescents over my 150 which is 28in tall. I'm using the 4x96W kit from AH. My plants are growing fine. So don't worry about not going with MH.
You probably will not be able to grow high light plants, however. I have a red tiger lotus that does nothing but send surface runners. I acutally like it as it adds variety to the tank, but this would indicate to me that not enough light reaches the bottom for high light plants. This is where MH would help as they have better tank penetration.
You can always try some high light plants to see what happens, but I'd stick with the moderate to low light ones at first. Just experiment and see what works and what doesn't.