I have some of the cuvaline (horseshoe shaped) fixtures (T-8 type) that I'm going to try out on a 10 gallon. I think the 40 watt bulbs put out about 2/3 of the amount of light of my compact fluorescents of the same wattage. If I were you, I think I'd try to get at least a 36 watt bulb if the tank is pretty high and you are using relatively high light loving plants (broms, etc) near the mid to low range of the terrarium.
I don't see why it wouldn't work. Let us know how it goes. By the way, a lot of people around here use the 5000K-6500K bulbs with great success, but I've found that the 3500K bulbs work well also. That's important because you probably won't find any of the circline bulbs at your regular stores which are any higher than 4000K.
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Homer W. Faucett III, esq.
Purveyor of Trivialities and Fine Nonsense