Most suggest no corals, but softies if you must. Things that don't sting. Mushrooms, things of that nature. In contrast to that however, the GPO at the Dallas Aquarium shares his relatively large tank with a few dozen HUGE anemones. I personally wouldn't risk it.
As for the light, it's my understanding they really don't like bright light, so if you put him in there, don't be surprised if he isn't happy.
As for the temperature, depending on the species, 72-75F is pretty much the high end of acceptable temperature ranges, but cooler is better. That's the temperature range of my tank as well and my little guy is doing fine. I would like to invest in a chiller in the future though to improve and lengthen the life of my 8 armed buddy.
The best advice a person can take is research, research, research. The search engine is your friend. After reading articles and threads, put what you have learned to use instead of refusing to do it the "right" way. There are several "right" ways to do it. Figure out which suits your tastes and the animals needs best. A person can't compromise the quality of life for the animal because they don't want to do it a certain way, that is selfish and downright evil if you ask me. A person can only benefit from using methods proven to result in success. You will probably have more questions later. Instead of waiting until you are confronted by issues, find and read as much as you can. It will narrow down the risk of finding yourself in an emergency without the knowledge you need to progress. Remember, knowing is half the battle...haha.
We're all still learning, the more questions you ask, the more we all learn.