Yes i think it is doable for you to grow in that space with the reflector series 48 for sure. and to start it will be fine with soil also but some non soil grow on long term would properly be preferable. to give you more space for the canopy and buds instead of all that soil in that small space
As for you air intake/exhaust. Pc fans can do okay i have used them in my current closet for a year. but remember if using passive intake you need about 3 times ( a bare minimum two times at least) as big a passive intake hole to keep up with an active exhaust and get the propper airflow. If you can find some extra cheap PC fans i think it would be better with at least one active intake and one active exhaust maybe two if the fans are not so effecient. its gets hot pretty quick in those small closets if there is not propper airmovement. but i think with only one of the 48x5 to start with. It will not get so hot.
if you hang the led 1-2 inch from the roof just don't mount your exhaust just above the lamp as that will conflict with the lamps air intake. The room exgaust will pull hot air up around were your lamp gets the cool air. if that makes any sense. in my closet you can see i have put some flextubing and it sucks the air inbetween the lamps hot air exhaust in the sites instead of just above it. seems to work much better on room temps and i think the lamps runs a bit cooler this way also when they do not have to cool with already hot and damp air. hope this makes sense and does not just confuse you.
lst is def. the way to go in your closet to optimize your yield
oh yeah regarding fan noise it makes the sound of a low prised pc fan so its not too noise but not all stealthy either but buy a silect pcfan and mount youself into it at some point if you find the noise too loud it will cost you 10-15 bucks or so. i don't find them to noisy sounds like my desktop pc when running battlefield 4. i would think
Regarding using a 200w cfl. it will run as hot as the led lamp im sure. i have a friend who insisted on that the closet i build for him was cfl not led and it got pretty hot with a 250w cfl in the summers. and i am sure yield wise you will get as good as if not better result with just 1 48x5 a white widow was under the other panel. first plant i flowered under the 48x5 w panel flowered the first 14 days under a 90 w ufo then got under the 48x5 for 45-50 days it pulled in 103g dried trimmed bud plus 4g popcorn buds and some trimming. after almost tree weeks drying
the white widow cutting was not so big but got pretty massive buds aswell 56g dry
They were grown in lightmix soil and with the biobizz nutes
best of luck with it m8 if any questions pop up you think i can be of assistance with just holla