So are there any GHETTO mods for setting up an MH lighting to save money? I say this because my local LFS has a frag tank with what looks like just a bulb inside a home made reflector that leads to a balast.
Nope. that's a rip off. the bulb is like a 4200k or something. By the time you by a good bulb to go with it, you've spent more than it's worth. You can go to Marinedepot or any of the other Reefs.org sponsors and get a PFO setup for about $200 or Icecap for about $350. Both of these prices include good bulbs too.
You can get the PFO reflector for about $45 and the standard PFO ballast for about $120 and a bulb will run you $50 on up. This is 250 watt items. So for just over $200 per light you can get set up.
Try marine madness on e bay you can get a complete 175watt retro for about 179dollars and 250 watt are about 10 bucks more. I bought 2 175 watt with the reeflux bulb upgrade i think it was around 330 dollars with shipping . have been running about 6 months work great.