Cool, another metric
Think I personally wouldn't put an Oscar in a 250 litre tank - my 300 litre looks still small to me - but guess if you have plenty of filtration it should be doable with sufficient water changes.
Not sure about the filtration since I only have internal power filters, and the external ones seem to be way more efficient, still I'd probably go for something bigger to reach a higher turnover rate per hour in a small tank like that. Think I got 2x 1000 litres (max.) and would still do more, lol.
I don't really get what exactly you mean with submersible light, failing the language probably. Is that something on top of the tank which is waterproof, or really being IN the water?
I'd always put something above the surface cause it's the natural direction for light to hit the fish, and they tend to swim with their backs turned to the light.
About the substrate, johnl said it already: It's a matter of taste. My taste is sand

There is a video in the videos section on how sand is cleaned, and the easy cleaning is one thing I love at sand, beside the looks.
However you decide, make sure to post a pic if possible once you have it all set up