1220s are notoriously troublesome, and hardly practical these days.
However, they still pack a monster lamp. If you can ensure that the optical components are clean, and the lamp/reflector assemblies are correctly aligned, they will still put out a fearsome white, and loaded with a selection of aerial (beam effect) gobos, in combination with the iris and prism, can achieve some nice effects.
Of course, you will need smoke/haze for this to be any use.
In a perfect world, you would get a proper hazer (pressure cracker) as they consume much less fluid (=much less residue) and produce a superior optical effect. And a good one is freaking expensive.
In terms of smoke, its not the size of your machine, but how you use it (assuming that you're not after 'drum n bass can't see two feet in front of you' smoke). A small, efficient smoke machine ie. Martin magnum, directed into the cold air supply to the room, will create a rapidly distributed haze effect with minimal clouding, and a good hang time. The trick is experimentation to find the best location. Depending on the volume of the room, and the airflow through it, you might need to modify it to fit a slightly larger bottle. You can buy super cheap small machines from mail order and electronics stores, but they tend to have a life expectancy of under a year in a club environment.
I have been in a very similar situation to you club/money wise, and my suggestion would be to find an excuse to rent a machine from a hire company to experiment with, and also remind the owners of what a difference it makes to the atmosphere. If you do private functions/special events (I notice the 'happy birthday Massimo' on the screen), then talk to the clients/guests of honor about this directly, reminding them that it will make their event so much more special than the average night at the club, at a tiny additional cost to what they will already be paying for their night's entertainment. This is a great opportunity to try different machines, gauge what size you will need, and how much it will cost to run. A rental company ought to be very helpful, especially if there is a chance for them to sell a new machine and supply fluid to you.
My final piece of advice is: When buying a smoke machine,
YOU GET WHAT YOU PAY FOR.A more expensive, reputable name brand machine will give you better service and cost less in the long run than a 'made by monkeys in a shed' cheapie.
Best of luck
J
edit:
ps. Nice club, love the height. I think you may need a larger mirrorball though...