That light will suffice if you plan on keeping nothing but fish. Corals and anenomes will not survive under that light. If money is a concern (lights can be the single most expensive part of the setup), than you can run this light until you plan on adding corals and such.
I am assuming by the size of the tank that it is 48" in length. This gives you a lot of good options for lights.
The Nova Extreme T5 Fixture w/ Lunar Lights
is nice because it is an 8 bulb version of its normally 4-bulb model. It is a bit on the pricey side, but believe that anything will live under these lights. T5's are the most economical to run, but have a larger startup cost than Power Compacts. Current USA used to make a 48" 4x96w Orbit fixture
, but I believe they discontinued it. That is why the only place I found it online was at Aquacave, and for some ridiculous amount of money. You would be better with the Nova Extreme, which is on sale at Foster's right now. You could also go with Metal Halides, which usually have a power compact or T5 light for actinics, like the Aqualight Pro Fixture
, but these tend to be very expensive. Another alternative is the AquaticLife HID/ T5 HO
system, which runs a little less expensive and a little cooler than traditional Metal halides. I have a friend who has this and he says you have to hang it high to avoid "spotlighting."
I hope that helps with lights. If you have any questions on other light fixtures you might find, just post them on here and I will take a look...