Gardening opinions? (little help needed)[6]

So I've done some research not read through everything but have watch the George Cervantes video also browsed many site such as this and few others and I've come with an idea. Will be for first grow so going to start basic now and advance as I learn more. So I'm looking to work in a 3x3x5 box that I will build out of wood. On walls will put white reflective plastic will get a carbon filter or make a DIY one. Here's my question I originally was thinking of a 400 hps light with ballast for lighting but kinda want to go cheaper at the minute so would 6-8cfls work? And 50-65cfm exhaust fan? Sound good suggestions? Also would the hps increase yield significantly where it would be worth to go straight to do that?