From what I've read from most people here growing their plants out of the tank, it is MUCH less effective than growing submerged plants. Everyone keeps getting excited when their nitrates only get to 10ppm in a week, while in my tanks I have to add about 40 ppm of nitrate week just to keep it from staying at 0. And that's with a modest amount of vals, some bolbitis, a tiger lotus, and a small amount of hygro. And the tank is VERY heavily stocked with large carnivorous fish.
As to your questions Dammit, plants like fine substrates. Most plants in the wild are in fine sands and clays. The plants actually transport oxygen through their roots from the plant. Keeping the rock wool or similar substance on them won't do anything but restrict their growth. If you have vigorous plant growth, you will likely need to add ferts of some sort eventually. Indirect light won't do anything for the plants either. Even direct sunlight is filtered through glass which is very good at filtering out a lot of the light. Think what happens when you take a house plant and put it outside in the sun. All the leaves bleach due to the light being too strong for what they're used to.