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I think you could try to pull it off, but I'll tell you I have a lot more than $300 in my 12g! To be honest the cost of the tank is small compared with the money your going to end up spending on the critters inside and your corals. I wouldn't be surprised if you ended up spending more on lighting than you did on the tank itself. I went with the small setup too to get a lower start up cost and I can tell you it is a lot more work.
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