Lightning Pages vs VF Pages
Lightning is available in GA from this release .You can ofcourse approach via lightning .Some of the things you need to be extra careful are here
1)No router support in lightning yet and hence its extremely difficult designing navigation at this point .You will end up writing lot of code just to achieve navigations
2)Custom lookups you can get from developerforce blogs
3)Toggling visibility is not so difficult
4)Supporting jquery in lightning is possible but you need to be careful when using this and would recommend to use less as possible
5)Spinning a list is not so difficult with excellent repeater .
6)Currently to make experience seamless lightning expereince also needs to be turned on for all your users .
Since there will be additional learning and experimenting take decision based on budget and time lines .
Building in lightning is like giving awesome quality work with lot of resusable at cost of little more time .