IMO I wouldn't do it. I am in a 685 sq ft place right now with about 120 gallons of total water in my various tanks and the humitity is so high I need fans blowing on the windows to keep them from puddling.
If you were to do it I would strongly consider venting outside if possible, led lighting and a dehumidifier. As far as space concerns downsizing might be a better option for you... I hate to be the guy that throws a wrench in, but I certainly don't want to mislead you.
