Anything that holds moisture can be used to germinate seeds. The "pro-mix" that most greenhouse plants are grown in is almost entirely peat or pine bark fines. Coco is more expensive in bulk, but it does the same thing.

Can you describe the hydro system that you are planning? Is coco coir the intended medium for the life of the plant? You can always just remove a seedling from the coco, wash off the roots, and put it into some other media later.

I would just follow instructions to re-hydrate it and put it into plastic cups with holes in the bottom. The seed itself will contain enough nutrients to sprout. Heat makes it much faster. It's a good idea to have a flourescent light right above the sprouts and a small fan for air movement. After that, you'll need a tiny amount of fertilizer when you water. A drop or two of Alaskan Fish fertilizer would be enough. Coir has no nutrients, but seedlings only need a very small amount of food, so be careful not to over-do it. Organic fertilizers like fish emulsion are much more forgiving if you add too much.