I’m no expert on halides. I do know t5 make a huge difference with good reflectors. Maybe someone with experience will comment on how important reflectors for halides are.
My tank has only been up and running for about 6 months now so take this with a grain of salt.
I have the ebay dimmables that reef hut is talking about (i didn’t get the from reef hut). It has really depended on the coral as to coloration and growth. My monti dig that I got from ken is kicking ass, super bright green, whereas my monti cap is browner than his under T5’s. Everything in the tank seems to be growing at a reasonable rate.
It is easy to bleach corals with LED’s as I have found but I suppose you could bleach coral with MHs as well.
If money is any concern, my electric bill has not noticeably increased since I started this tank.
What about running LEDs with supplemental T5s like some Fiji purples or something in that spectrum? I think a couple of members are running setups like that.
Another alternative is to try out a full spectrum LED setup maybe?