Hutch, for the ventilation, do what I did (but don't have a picture of). Get a piece of MDF and cut to fit the window. Then, get a dryer duct with gravity flaps (closes when there is no pressure behind it). Cut a hole in the MDF, install the dryer duct, secure the vent fan to the duct via dryer hose. It let's me paint in the winter while staying completely warm. In the summer, I just run the hose right out the window.
The MDF and duct cost under $10 from Home Depot. I plan on using some weather seal (or shellac) to waterproof the MDF so I don't have to worry about it in the rain.
For photogrpahy, all you really need is the lighting. If you find one of those booth kits on ebay with decent lighting (I prefer the daylight temp, trumpet style CFL), for a decent price, go for it. You can make it much cheaper with clamp lights, but you need something to clamp them on to. That's why I went with the ones with mini tripods - I can set it up almost anywhere.
-Fred