typically the co2 is only flowing when the lights are on..
the duration of a tank depends on the flow rate of the co2, but I would guess it to be more than 6 months.. I have a 20# cylinder on my 127, and it has lasted nearly a year.
lots of people run co2 24/7, like diy co2 users for example. I run my co2 for 6hrs and lights for 8. I have a 5lb bottle last over 4months split to 2 tanks. Just filled it hopefully it'll last a lot longer on one tank. 20lb bottle should last you a year easily. And here it's about 25bucks to fill it. Thats why I'm looking for one a 20lb now. 18bucks to fill the 5lb and 24 to fill the 20lb. lol great way to make money off the college kids with kegs I guess