water lvl?

Well if you are injecting co2, the surface agitation from an overflow filter will cause the co2 to escape from solution a lot more easily. If you're just starting out I guess there would be a slight advantage to keeping the water lower. Seems like a smaller consideration than other things.
 
Ok, [rant mode on] I have seen a lot of people repeating the lie that deeper tanks need more light. That might be true if you are using crappy lighting systems or barely have enough light as it is. But if you use decent lighting systems with decent reflectors the depth of the tank doesn't mean squat. You might hear about spectral drop off or lighting decrease. If your tank was 30 feet deep it would be one thing. But the difference between 18" and 30" is not enough to worry about as long as you have good reflectors.

http://www.rexgrigg.com/light.htm
 
More like 50%. Try it. The more light, the quiicker and greater the growth.

Its not going to be 50%, water, unless very dirty barely effects light. In fact your shorte wavelengths are in the neighborhood of only about 1% per 3 foot depth of water. Longer ones like red would be in the 10% range I mentioned before for the average tank I do beleive.
 
AquariaCentral.com