i have a mental picture of a rabbit in scuba gear swimming around the tank
another cheaper alternative would be to buy uncured LR. Again it will take longer before you can add fish, but you will get a greater diversity of life, and iirc it is about half the price of cured LR.
without wanting to start another debate/argument on the subject, I do think that in large (100 gallons +) fish only tanks, other filtration methods can work perfectly well.
you don't see any big public aquarium tanks with tonnes and tonnes of live rock in them do you?
obviously these use industrial scale systems, but the principle can filter down to large home aquariums.
I personally don't have live rock in my 100g aquarium. I run two external filters - one a wet/dry, a skimmer and a fairly large refugium. While you don't get the benefit of LR getting rid of nitrates, in a fish only tank it is not as important to keep nitrates at absolutely minimal levels as it is in reefs (unless trying to keep some of the more difficult fish species of course). Having said that, we do not want the levels to get so high as to cause stress to the fish. The refugium is perfect, as the macroalgae acts as a nitrate sponge, and regular harvesting will remove it from the system, as well as other undesirable pollutants.
Touch wood, my fish are all looking disgustingly healthy at the moment (I just know I'm going to regret saying that).
With the recent release of the eheim pro3, and a similar filter soon to be released by fluval, things are looking even better for this method.
Having said all that (again
) I do think that if you can afford LR, it may well be the ideal solution for you.