That's going to be an expensive tank to light, wow.
For a budget i'm a big fan of T8s on a decent electronic ballast. You can buy really good electronic ballasts for typical wattage bulbs for like $10 at ..
you know what, this is rediculous.. you would need a ton of them, you couldn't pay me to wire all of that, heh.
Just to get 1 watt per gallon, you need at least that IMHO. You're looking at 0.5WPG right now, that's like trying to grow plants under a single 20W light in a 55G aquarium. Of aiming a lamp with a 100W incandescent on a 55G, it's just really really low.
You would need 10 T8s, or 5 of those electronic ballasts. decent bulbs are 3 bucks each at a hardware store and the ballasts are $15 each (get a good electronic for T8s), only $2-3 for the endcaps.. but it adds up when doing that many bulbs, plus it's a stupid amount of work.
Here is your answer:
Two of these if you want moderate lighting:
http://cgi.ebay.com/400-Metal-Halid...ryZ46314QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
Two of these if you're fine with low lighting:
http://cgi.ebay.com/175-Watt-Metal-...ryZ42225QQssPageNameZWDVWQQrdZ1QQcmdZViewItem
These lamps are just as efficient as fluorescents. Trying to get to 1WPG with a flourescent is crazy, you'll have just as much heat as you would with a couple of these with much, much more work involved..
175s will fit under a canopy no problem.. and I'd feel safe sticking two 400s under a canopy on a 300G if the ballasts are remote ballasts (I think they are). Remember, WPG works for heat too, it's still only 2.6WPG. The bulb itself wont cause any heat problems for your tank.
Forget about VHOs, they're about half as efficient as a NO bulb. When you overpower any fluorescent bulbs (includes HO/VHO in most situations) the point of diminishing return really hits hard.
You're looking at about 47 lumens per watt with a 48'' VHO and about 84 lumens per watt with a 48'' NO T8.
T5 HOs are about the only overpowered bulb I would ever consider.. ever.. They're extremely efficient and take up little space but they can be pricey.
Metal halides produce about 80lumens per watt for a typical inexpensive setup.. the spotlighting can be undesirable though, especially on those long tanks (96''? nice). You know, thinking about it for a bit if I had your tank and wanted moderate lighting (and had lots of money to blow

) , I'd buy 4 of those 175W metal halide retrofit kits instead of two 400Ws, you would be able to distribute that lighting pretty nicely.