I think the problem you may run into long and short run is the lack of lighting over such a large tank..260W of PC (i assume) in a tank of that depth will limit IMO what you can keep coral wise...Where abouts is the hammer located? Im not sure how light demanding hammer corals are though..I have one myself but its in a 20g with 175W MH 58W PC actinics..When i put mine in, it was fully expanded in less than a half an hour...
the hammer expanded within 6 hours and has been mostly expanded since with some contraction now and then.
i cant see any problems with him right now byut i admit i dont know what is making him contract now and then. I have been fooling wiht my powerheads in the event that he (yea im calling my coral he) is unhappy with the flow.
he is midway up the tank and has been described by everything i have read as liking moderate light.
LPS do not have the same light requrements as SPS. Moderate light and flow are fine. I kept varies LPS under VHO in a 30" deep tank near the bottom and had good growth and color. Make sure not to direct any of the powerheads directly at the hammer. The polyps should sway in the current not look like they are in a hurricane.