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you can start a salt water tank with what you have.
you don't need lighting unless you are considering a reef. then you'll have to think about what corals you intend to keep and their particular requirements.
you'll need a power head or two for flow, and also some test kits (a refractometer to measure salinity also)
For a 75 gallon tank I would either go with 6 t5's with individual reflectors or 2 250 MH with a couple of t5's. Think about the cost of bulb replacement and also heat when deciding
One of the pros is that if you have fish that are jumpers, it will prevent them from jumping out. One of the cons is that they can get salt creep (salt buildup), and you may have to frequently clean them. If they aren't cleaned for a while, "stuff" can buildup, and not let as much light through. Saltwater is lots of fun! You will love it!
You could put some "mesh" or some kind of thing with little holes in it to prevent the fish from jumping out.
Personally, I would just go with a 48" long. Just sounds simpler to me.
So what your saying is to not use a glass cover, will it also help with keepin the temp better regulated? Use an egg crate type material small enough that fish can't get through but light can pass through? What are the differences between using T5HO vs Led? I know they will generate less heat with led, any thoughts on the marineland reef capable system?