After a little research and collecting ideas from everyone on here I went ahead with my own little DIY project. Like a few others on here I reused the old hood frame and just pulled the guts out an tossed them to start over as the previous owner ran WAY over rated incadescents an melted the old fixture. After pulling the guts out and cleaning it up a little bit I used an existing hole to mount a double socket ceiling fixture. Inside view:

Back view:

After mounting the socket and wiring it up with a lamp cord with an inline switch I then used aluminum tape to cover the inside to add temperature insulation and light reflection. Finished view:

The bulbs in the picture were to just check functionality, actual bulbs I'm currently using are 23w 6500k energy star bulbs. The bulbs have so far woked great and provide plenty of light for my java moss, java fern, and amazon swords.
The tank with the incadescents:

Tank with CFL's installed:


Cost: 7$ for light socket, 11$ for 2-pack of CFL's, Unsure of tape price as it was already laying around the house but couldn't be anymore than 10$, 3$ for lamp cord with inline switch, plastic shroud free as I reused it.
Total cost: approx. 30$ plus the plastic shroud.

Not a huge project but I figured I'd share my lighting experience!

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30 Gal breeder: 2 Honey Gouramis, 3 Sterbai Corries, 8 Black-Skirt Tetras, 1 Albino Bristlenose Pleco, 1 Common Pleco (temporary home) and 2 Nerite Snails
10 Gal SW nano: 10 Pounds Live Rock, 2 Red Trochus

Only one thing: Don't see a water seal at the end of the bulbs. Check that and be sure water won't get inside the rosette. Gotta put some water sealer or gasket to prevent a boiling fishes.Just saying.

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55 Gals. Plants Anubias,Amazon Swords and more. Tetras: 6 Sarpaes.4 Red Eyes,5 Black Skirts,4 Giant Danios,2 Lemons, 2 Emerald Cory,4 German Blue.
10 gals. tank : Plants, Full of Guppies; 20 Gals. Tank planted Full of Guppies: 1 gal tank filled with Guppies

The way the hood is designed, there's a sheet of glass between the lamp area and the water. Also forgot to mention that the electrical connections are soldered with shrink wrap over them. I could see your concern though! It's been in operation now for about a month and it's still working solid.

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30 Gal breeder: 2 Honey Gouramis, 3 Sterbai Corries, 8 Black-Skirt Tetras, 1 Albino Bristlenose Pleco, 1 Common Pleco (temporary home) and 2 Nerite Snails
10 Gal SW nano: 10 Pounds Live Rock, 2 Red Trochus

Nothing to said. Just good job,I like it a lot.

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55 Gals. Plants Anubias,Amazon Swords and more. Tetras: 6 Sarpaes.4 Red Eyes,5 Black Skirts,4 Giant Danios,2 Lemons, 2 Emerald Cory,4 German Blue.
10 gals. tank : Plants, Full of Guppies; 20 Gals. Tank planted Full of Guppies: 1 gal tank filled with Guppies

nice! what a difference!

Thanks! I'm certainly happy with it.

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30 Gal breeder: 2 Honey Gouramis, 3 Sterbai Corries, 8 Black-Skirt Tetras, 1 Albino Bristlenose Pleco, 1 Common Pleco (temporary home) and 2 Nerite Snails
10 Gal SW nano: 10 Pounds Live Rock, 2 Red Trochus