Well the first thing to consider is, yea I would "weatherproof the wood". the last thing you want is the canopy absorbing water. there are plenty of sealers on the market, and I would advice some type of combination paint/water sealer for the inside where the lights are (and yea, white sounds like the appropriate color, however, the reflectors on the AH supply unit will do 99% of the work for you).
Now, the major issues I see are as follows:
Is the AH supply unit lighting caps water proof? You need to contact AH supply with this question. This is their territory, so let them answer it for you!
Ventilation! PC bulbs do get quit warm and if you do go with an open top, the bulbs may actually heat the water, and also it might get pretty humid in their! You need fans to vent out the hood and keep those bulbs cool. their are tons of DIY canopy threads here, you need to do a search through the DIY forum and see. If I have time I will do a search as well for some of the ones I have seen before.
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