We had a cold water marine and it was fascinating. All we did was got a 3ft tank then took containers down the Kaikoura coast and gathered up some rocks, sand and critters, took it all home and arranged it in the tank. We used an AquaClear filter. That's all. No fancy equipment or anything. Hardly ever fed the inhabitants but they all seemed to grow and some reproduced. Every few weeks we would top it up with fresh sea water and add sea lettuce. Lots of edible greeblies came in the top-up water and lettuce.
Our tank had anemones, shrimps, chitons, rockfish, triplefins, sea cucumbers, hermit crabs, various sorts of starfishes and, at one point, an octopus - to name but a few. We tried a paua but the water was too warm.
The biggest problem we had (and the only one) was keeping it cool. It really needs to be below 15C, preferably 10C, ours did anyway as the water they came from was that cold. We found constant temperatures above 15C not good and the critters would start to die off. Since the room sits at about 28C during summer, we could not keep it cool enough. We have since bought a chiller so might try again, once I have a tank free.