Hi Nick and welcome to the obsession that is CP growing
You mentioned LED lights, which did you have in mind?
You can also look at using Compact fluorescent lights in a terrarium style grow area. I have got a small fish tank converted into a terrarium and using a 65W/4200lumens CFL 6500K and the plants in the tank are growing really well. Had it for just over a year now.
Remember to get a timer for the lights as well
Remember that it's a good idea to cover the outside of your grow area with reflective material such as mirrors or Mylar so that no light gets wasted, also helps to prevent intense light from filing the room it's sitting in and might irritate you if you are always busy in that room.
Another important thing that SubRosa mentioned earlier is Ventilation, I learned the hard way that air movement is really important in these confined spaces or you will get all kinds of nasty unwanted things growing in your tank. I have got a CPU fan which I hooked up to a 9V DC adpater, the fan is actually rated 12V but the lower voltage adapter makes the fan spin slower which is good for my small tank otherwise it dries my tank out to much.
I have got the following growing in my tank: D. Burmannii(Really awesome species from Australia which grows like a weed!) D. Binata small form(Also grows like a weed), D. Capensis(albino,Typical and wide. Also very weedy), D. Regia(Can be picky if the roots get to hot but my tank never goes above 82F) D. Adelae( I have had a lot of trouble with this species but boosting Humidity really helps!) a few Pygmy species(they also grow quite well) D. Nidiformis( still very small) D. Spatulata(Also grows very well).
I use my tank for germinating seeds as well and it's always worked like a charm.
Best of luck!