I'm gonna give you a straight answer.
Yes. You can grow with that shitty 40watt light Iv grown plenty of 1-2 gram plants as a kid under 32 watt cfls. And that's all you'll get per plant that's worth doing. As for your other light that gets to hot. Why is it getting that hot? Im able to run 1000 watt HPS in a spare bed closet and keep temps under 90 with minimal effort. Your led should be cake work.
Is your living space hot as well? I run window ac units in the rooms to keep ambient temp low. The rest is worked by fans moving air.
I'd recommend working your temps in your grow. Getting them consistent. Then go to your next step. Otherwise. Having little light with hurt your everything and the heat with stunt or stop growth