Yes, that will work. I always still recommend a 430W HPS for flowering though. You'll get bigger buds with HPS than with CFLs.
I recommend more than 1 CFL per plant during veg as their proper penetration lengths are fairly short. One on top, and one on the sides and rotated at the least imo.
I feel you on that. But I'm guessing this is your first grow? Well, I myself just started my first grow and have a few CFL's myself. What's good though is that you can add the CFL's when you need them. You're not going to need 10 lights when your plant is an inch big. So CFL's are cheap and who knows, maybe next week or two weeks from now you'll have some money to play with, which would work perfectly. Best of luck to you homie!