Are you tech savvy in the slightest? I made a light hood with compact fluorescent bulbs for my 10 gallon heavily planted tank out of a rain gutter for less than $20 (not including bulbs, another $10 for two).
I would strongly recommend that if you do go with that hood replacing at least one of the bulbs with a 6500K bulb.
I don't know if you can have too much light. I don't have any algae problems in my 10 gallon with 26 watts, though it is quite heavily planted. Frogbit probably helps me though. It grows over the top like crazy.
Remember that the tank your fish lives in is his or her's whole world. Ask yourself this question, and answer it honestly: would you choose to live there?