I am setting up a 118 gallon corner tank.
1) How much light is needed in order to be able to keep sps and clams?
2) How big/deep a sump do I need to be safe in case of power outage?
1) IMO min 250wat-400wat MH
2) Ur sump size is whatever you want it to be, or whatever will fit under your stand. The only want to know how much water will drain is trial and error. Assume its like 3-4gallons.
Use the search function on the website to find more info on "sumps"
The amount of water that will siphon back to your sump will be determined by the location of your bulkheads (assuming the tank is drilled) and where you've got your returns and overflow positioned. Is that ambiguous enough for you?
A little clarification, some people have bulkheads drilled through the bottom of their tank. If your tank is draining like that, it can empty the entire tank. If the bulkhead or the plumbing is within an inch or two of the top of the tank then only the water above that will drain.
Here's a great calculator to help you figure out what size sump and available volume needed to handle your overflow.