I've look around and can't seem to find any specific product photography information on ghost/ghosted/ghosting/invisible garments, so I thought I'd ask! I have some other questions as well so I'll break them down:

A. I have the following equipment a Nikon D800, 50mm f1.8, a tripod max height of 110cm, large roll of white paper for background, mannequin for garments. Work flow will be tethering (cable) the camera to an iMac for constant QC checks.

1. DESIRED EFFECT - Here is the [result](http://store.diesel.com/gb/diesel-black-gold/jackets_cod41362260ak.html) of what I would like to achieve. I understand the heavy amount of photoshopping involved, however that will all be an exercise in futility if the image is poorly taken.
2. SET UP - Here I've found a [Youtube](http://www.youtube.com/watch?v=Lyk4g_PhVWs) tutorial with a basic run through a set up. However I would like to know why he uses continuous vs strobe lights? As the subject is static surely it doesn't matter which you opt for? Can I get away with using less lights and a different set up? If its to do with hard lighting, then can he not use light modifiers?
3. LIMITATIONS - I'm not a pro photographer so this "studio" shoot also aims to utilise the most flexible equipment for future application. Flexibility here pertains to number of uses/portability. I'd like to do a fashion shoot later on and would rather not rent equipment. Budget of around £400. The room I'll be taking the photos in is only 4 x 5m with an 8ft ceiling.
4. EQUIPMENT - I'm thinking of getting maybe three Yongnou speed lights (one for background, two for subject), an umbrella (saw that softboxes are ridiculously expensive in comparison) for the background? and 2 reflectors. What other brands should I be looking at? Would you recommend something else?
5. IT WILL BE DIFFICULT - The best way I learn is through my own mistakes, however planning is also a crucial element in order to progress and this is why I come to you all. You all have one thing I do not which is real world experience (the thing they ask for when you apply for your first job after uni, and need at least 3 years of for an "entry level" position). Knowing which brands are under/over rated for specific items, getting the best bang for your buck, un-anticipated problems and tips.

Thanks for any one who chips in their two pence! 
p.s I'll appreciate any tips on structuring the question and info better.