Help save the plant!

I could use your guys help diagnosing a problem that gotten worse over
the last few days. Here's the info on them:

Plant is about 4 weeks old
Lights are two 40w Cool White fluoros running 24 hours a day, fixed about
1"-2" from the top of the leaves.
Soil pH is at 6.8
I've been waiting until the moisture meter reads about a two before
watering
I just fertilized for the first time about five days ago, with some 30-10-10
fertilizer diluted to 15% strength.
Soil is a mix of potting soil/compost and perlite
The room is 78% with good ventilation and a fan blows on the plant and
them steem is strong but flexible.
The lower leaves are drooping and yellow with some small greyish spots,
they've been light that for about a week and a half now, just recently,
about two days ago the leaves just above it started turning yellow and
then cupped upwards, they too now have some almost greyish/black ash
looking stuff on them.

At first the light was too far away and that is why the distance between
the bottom and next internode is so great, the distance between the one
and the one after that is much less since the lights got moved lower.

I'm using two reflectors on the sides of the fixtures so it uses more of the
light, I did have a problem with white flies so I put in the tape you see in
the picture, I haven't seen any live ones since.

Any other information you guys could use I'd be glad to tell you, I just want
my plant to be healthy.

It is my opinion you are giving it too much water and to little light. You need to let it dry out completely before watering again. "2" is still pretty wet. Let them dry out and they should recover.

Thanks for the advice man, I will do that. Currently I'm at 6000 lument with the 40w bulbs and I'm reflecting some of that light back, what do you think I need to get it up to and what is the best choice, A few CFLs right along the sides of the plant? Or another fluoro fixture with two more 40w bulbs (I can't really afford the T5s or and HID/MH right now).

Once again, thanks for the help.

too much water, nutes are maybe a bit heavy too, pH is too high, slightly to high, should be not higher then 6.5, plant is stretched shit-less, your lights must be further then 2" away...

dig it out, put it in fresh soil mix, the mix is not a bad as far as i can judge. put it in a pot with more holes for drainage! soil on the pics looks flooded, that glossy shine on the pics, that can't be good.
bury it so only the top set of leaves show for an inch, that takes care of the stretching issue, and then move the lamp down to an inch over the plant s it won't happen again. i also strongly suggest you by some more cfls for it.

In those pictures I had just watered the soil a few minutes before the pictures were taken, and I usually wait until the top 3" of soil are dry. I'll put it in a fresh pot with fresh soil tomorrow. During the first week or two of growth the light was far too high above it, but I've moved it much closer since.

Thank you ngtybear and green_nobody for your advice, I'll get some more lights in the next few days, transplant it and wait til it gets drier until I water in the future.

looks like your roots aren't getting oxygen. maybe is cuz you just watered, but i would get the fluffiest soil i could find.