Your dog looks a lot like my dog.
You have the makings of a really nice grow area there. I think you should forget about mh...with only 5 feet of headroom, you'd want to bump them into flowering asap. Either that or grow the smaller strains.
First of all is to make sure it's light-tight. You don't want light getting out to tap neighbors on the shoulder.
Second, you need to white that area out with some panda film unless you're planning to put up some drywall and paint it.
I have fluorescents, cfls, t5s, mh, and hps. I could have done without all of that except for the high-pressure sodium lights. My advice is to get a Ceramic Metal Halide if you can manage it. It's the best light for growing that's currently available at reasonable prices. Plus they put out much less heat than mh/hps bulbs.
Then there's odor control. If you can make the area reasonably airtight, then your best option is to get an ozone generator. I had carbon filters, ona, ionizers, and I've quit using everything but the ozone generator as that's all that really works.
It's going to get hot up there. You'll need fans, intake, and exhaust...the trick is to put the ozone generator inside the exhaust duct. You'll have pleasant marijuana odors inside your grow area, but not even one of those odors will make it through the exhaust.
You got a lot of work to do to bring your grow area to full potential. If the area beneath that loft isn't heated in winter, and assuming you have cold winters, there's another problem to recon with.
Good luck with your project.