T5HO fixtures are fine for SW. A 6-8 bulb 54W fixture would allow you to grow most corals with proper placement and give you enough sockets to put different types of bulbs in to create an effect that you like personally and will grow coral. There are many brands and colors that people like and numerous threads about color combinations that people use.
As far as drilling holes there are many options, one hole in each bottom corner, 2 holes in one bottom corner , a hole in each top back corner, etc. It depends on what type of overflow system you choose. There are durso's, herbie's and bean animal's most commonly. The return line doesn't need to be drilled if you don't want, just use a couple of PVC 90 elbows to have it hang over the top edge of the tank.
Lots of info to research and choose from out there, good luck!
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