It depends on what you want to keep in the tank..
messy fish will need more cycles per hour..
plants will need alot more light...
HOB filters are not bad.. it just depends on the unit.. Aqua Clear makes the most versital and quiet unit in my opinion.. there largest filter cycles 500 gallons per hour.. not bad in my opinion..
48 inches is a easy length to get lights for..
NO bulbs are made in 48" lengths.. though you would need to overdrive
NO bulbs to get enough light for plants..
CF is an option and
MH to a lesser extent.. I would personally overdrive 1 or 2 48 inch bulbs for plants.. its a
DIY project though.. there is a link in the plant area were a member has ODNO a 29 gallon..
http://www.aquariumadvice.com/viewtopic.php?t=54881 the 48" bulbs would need there own ballast.. 1 each.. he is using 1 by fooling the ballast that it is firing 1 48" bulb by jumping together 2 24" bulbs..
as far as canister filters go you can buy one or
DIY one of those as well.. I like fluvals personally.. and I found a good
DIY one on another forum..
http://www.cichlid-forum.com/phpBB/viewtopic.php?t=52761&highlight=canister+filter
minimum you are going to need 400 gallons per hour from your filter.. In a tank with alot of messy fish I would double that to 800
gph..
as far as heaters go I would get two 200 watt heaters or a 500 watt.. two being better just in case one goes bad
On top of everything Im posting Im wondering why you dont just replace the broken pain of glass and keep it as a 118 gallon? if you did your equipment would need to be a little bigger but a bigger tank is better as far as keeping things in balance.. the bigger the tank the bigger the mistakes can be made with less consequence..