The coralife lights are not the greatest but for a reefer on a budget they are good. I used them in a small frag tank I had setup two years ago and they worked well. Granted though, most corals had to be placed high in the tank but with the right supplementation I was getting excellent growth from my zoa frags.
So this seems like a feasible option when you are on a budget.
Just remember the life span on these bulbs isn't that long. You will have to change them out before the year ends, they may last 7-9 months. But you could do this for 9 months until you can afford something better. The bulbs are only like 15 a piece I think.