I don't see why you couldn't use this light and make things work out.
My first tank was a 36" 30 gallon in which I used 65 watts of PC light and things played out well. I had some bumps in the road but I managed to get things straight. This light has better reflectors, T5 bulbs, and all around more usable light then mine did but you should be straight.
My mistake was pushing the envelope in regards to high light levels and duration all the while skimping on the CO2.
DIY co2 is fine on that 30G. just make sure to have good circulation and a good diffuser and i dont think you will have any problems. agreed that it is a perfect ammount of light to grow just about anything you want.