Yeah, the 36" of horizontal depth could be a challenge unless the tank is accessible from both sides.
As for the 4'x4'x2' tank, Im an oddball when it comes to lighting... so my opinion may not be that common at least. the real advantage of the 240g 'square' tank is the versatility you can have with the lighting. REEFER714 and chet2m both have 4x4x2 240g tanks with good lighting, but done in very different ways.
REEFER714 uses a single 400watt 10,000K halide on a light mover moving back and forth over the tank (front to back). I believe recently he added 4' VHO actinics to the sides to suppliment the halide, but as you can see, the tank is getting the most it can out of a single 400watt halide thanks to that light-mover.
chetm2 uses a more traditional approach, of a rack that holds four 250wattDE halide pendants in fixed positions above the tank.
And SONOFGALADRIEL did an even more 'standard' approach by simply hanging two identical 4' Giesemann/Aqualine halide/T5 fixtures (like maristars) from front to back on his 240g. (sorry, cant find any pics)
Sonofgaladriels and chetm2's lighting setups are rather standard, in that what they have is the same as what an 8' 240g would have, only folded on itself.
There is another 240g that someone has here where its nothing but 24 T5 bulbs... 54watts each. Looks sweet.
REEFER714's setup takes advantage of the tank's square shape though... using a light mover to prevent stagnant shadows.
I am considering a 240g cube for when I move in a couple years, and I think I will use the following lighting...
Two 250wattDE halides on light movers moving front to back like REEFER714s, but parallel at each side of the tank. Then alongside these two halides, 2 rows of blue+ and actinic T5s running the outside of the tank parallel to the halides. And then in between the halides, 6 more T5s with blue+ and actinic bulbs. Much like REEFER714, I plan on using the convenient dimensions of the tank to get the most light into the tank with the least wattage. 240g square's allow for this more than any other tank.
Either that, or I will rip a hole in the ceiling and add a 3'x3' skylight to light the tank instead... but if I do that, the temptation would be to just step up to a 6'x6'x2' tank.