That will work. Would be of course, ideal i guess to have a bluer spectrum, but ive started underneath a 400W HPS for awhile and it works fine. Just keep that light as close as you can to your babelet without burnin it.
That's a 42 watt cfl and it might be enough for early veg for one plant but you would soon need more. And it really should be more like 6500k for veg. So no, it is nowhere near "too powerful"