To clarify on some of the above advice -
The biological filtration will be a little less with the dry rock at first, since it'll need time to "grow". I'd be a little slower adding livestock with such a small ratio of live rock at first. It is a great way to save a bunch of money. If you are stocking your tank at a normal, slow pace, the rock will have time to grow the microbes needed, as they will tend to balance out to match their food source (ammonia).
Also, another caveat: with less live rock, you're introducing less live "creatures" and therefore limiting your biodiversity. It won't affect the biological process of breaking down ammonia, but it may mean less species of worms/pods/etc. being introduced. That can mean a slightly less effective micro-clean-up-crew. You can also get some scoops of sand from your LFS' tanks and occasionally add/swap a piece of live rock.