Praveer,
It will probably work, but depending on the size (I didn't see where you said how many gallons) you don't have to go to so much trouble to grow hybrid paphs and phals in there.
I grow small warmth-loving things in my 10 gal aquarium without a fully enclosed hood, with a full-spectrum tube (will likely go up to 2 compact tubes) and pumice or tank gravel in the bottom. I add water to the bottom just enough to moisten the pumice (overflow on watering day often does it for me), turn on a fan only on hot days or when the tank is really full of plants leaf to leaf, and keep the lights on 12-16 hours per day depending on natural light availability. This set-up actually provided too much light to my phal and I had to take it out. I have a tank heater in a large jar of water inside the tank for the coldest winter days and the warm water core keeps the temps in winter pretty stable. The rest of the year, the heater is off and home heat is stable daytimes with a standard 5 degree Farenheit drop at night.
I hope that you enjoy this project, as the complexity is half the fun!
RSJ