I agree that it would be better (and cheaper) to buy all of the pieces and then put them together than buying a "ready made" nano tank. Plus, 4w per gallon is not near enough light for corals. Here is an even cheaper way to set up your tank:
1. Buy the tank second-hand. I bought a 10g for $5 at a thrift store and it had ZERO leaks. Just make sure (if you buy it from a thrift store) to test it for copper because it is deadly to invertebrates.
2. Buy 1/2 cured LR and 1/2 uncured LR and let it cycle itself. (I got my uncured LR for $3.99 a lb and my cured for $4.99 a lb!!!) Also, since it's a nano tank, they might give it to you cheaper if you ask for the small "rubble" pieces that no one else wants.
3. Don't buy a filter. Buy a small HOB skimmer/filter. The LR, and the LS will do the filtration for you and the skimmer will remove stuff before it turns into ammonia and help filter the water.
4. Use crushed coral substrate. It is a little more pricey than "play sand" but it will keep your tank at a constant pH of 8-8.2, unlike play sand.
So, with my modifications it would come to:
Second-hand tank: $5
96w PC: $100
Uncured LR: 24$
Cured LR: $30
Crushed Coral (15lbs): $12
Skimmer/Filter (See link below): $36 (Pumps 250gph!!! Eliminates the need for a power head.)
http/www.drsfostersmith.com/product/prod...&Np=1&N=0&Nty=1
= $207
While this is not a HUGE difference, every dollar counts IMO! You could also buy the lighting second-hand, which would lower the cost significantly. Good luck!