I plan on getting a 4 foot flurescent light fixture to suspend above the tank. I know that I will need about 2-3 wpg for healthy plants and good growth. I want to suspend it about 1 foot above the tank because i want emergent plants. Does having the light suspended a foot above the tank mean that I will need more wattage?

Suspending flouresence a foot above the tank will cause a lot of light loss. If you want to suspend lights why not try using track lighting with the bigger bulbs. The light will point down directly into the tank.

So how many watts should I go for?
The suspended unit will be adjustable in height, We are figuring to mount it to the bottom of a nice board that will hang by chains from the celing, that way I can use the top of the board as a shelf for foods and stuff.
If I went with track lights how many would I need? 1 per foot?
I need to do this as inexpencivly as possible, I'm a cheapskate!

Well if you go with the bigger type track lights that will hold like 3/ 60 watt bulbs like the flood lights you could get away with 3 and it will put you at 3.2 watts per gallon.

sounds good, i might have to do it myself.

How about picking up some more omni oriented lights with a specific focus?