Strength would definitely be an issue on the swing arm. Mine are just supporting an aluminum reflector, socket and bulb. But, I have seen "swing arm" type deals at the local hydro store and at industrial supply houses. But, I think they are quite expensive. I think a simple cord and pulley system would probably be easiest/cheapest.
What wattage of lights are you thinking of? One thing to consider about going with say two 400 W MH's is that you are going to have some brighter spots and some darker spots. The spots directly below the bulbs will be very bright and the edges and middle of the tank will be much less bright. You can even it out a little more by raising the lights some, but the tradeoff there is less light intensity. Actually 3 400W MH's would allow to grow anything, but more work, tradeoffs. Heres a link to some inexpensive bulbs:
http://www.1000bulbs.com/shopping/shopdisplayproducts.asp?id=9&subcat=560&cat=250+Watt+Metal+Halide
The one on top looks exactly like the bulb I use. The one on the bottom seems very intriguing for only $15 more. Color shift is definitely an issue in cheap bulbs. Keep in mind these bulbs will run for a couple of years before you need to replace them. ANother reason why long term, MH is less expensive. IMO my bulbs work well, but the tank definitely has a yellowish hue and some of the colors, especially fish like cardinals, don't have the irridessent pop they do under higher kelvin rated bulbs. This is only noticeable to me beacuse I had a tank in the same room with CF lighting at about 6500K. But, some people say the 4000K bulbs look more natural because the color spectrum is color to the suns. Once again trade-offs. Also, I have read that the 6500 K bulbs are actually superior for plant growth because the spectrum is more complete. I have never used one however because they are very expensive. But, since you are only buying 2-3 bulbs, the cost difference may not be that significant.
Also, check to see if you have a hydroponics store near you. The Homegrown Hydro lights are nice, but you should be able to get about the same price in a reg. store and save on shipping. easier return, etc. The cheap bulbs you can pick up at HD/Lowes type place for about $10 more than online. Although, I have never seen the Iwasaki 4200K bulb locally. Ask at the hydro store if they know the Kelvin raitngs of their MH bulbs, they may have a good solution, also.
Matt