From my various trials with lighting, i've come to the conclusion that really, there is no substitute for metal halide lighting. I run 2 400Watt 10000K bulbs on my tank, and that's it, no actinics or nothing. And I'm very happy with them. So I would recomend 2 x 250 Watt MH 10000K bulbs, (i'm assuming here that you would like to keep any sort of coral, from softies to high light stonies)
As far as drilling the tank, in my opinion, for a tank that large, there is really no other option than to have it drilled (unless you want a lot of unsightly gear in the tank itself). The reason for this is two fold;
1. I've never seen a reliable self priming "siphon" overflow system yet. Meaning, if the power goes out, you risk you tank emptying onto your floor. Or if the siphon breaks, you end up overflowing your tank onto the floor.
2. The shear volume of water that needs to be moved is also too large for anything other than a drilled overflow.
However, there can be significant problems with drilling old glass, as it becomes significantly more brittle with age. The only way to have a (glass) tank drilled is by a professional glass shop, which will have the necessary diamond coated hole saw bits, and even then they will probably not provide any warrany against breaking it.
Speaking from recent experience, and considering your from Western Aus, you will need a chiller. A relatively expensive, yet indispensible piece of equipment.
Layton