I love these lighting discussions.
IMO, best bang for the buck in both long term operating cost and short term acquisition will be SE 250W MH for your size of tank and intended inhabitants, if you didn?t have any lighting right now. Since you already owned a dual 175W, I recommend getting one more 250W for the center of the tank and use two tubes (VHO or T5) for actinic\blue supplement, you can buy one more 250W setup once you realize you don?t like what the 175W MH are doing for you.
T-5 or VHO supplement is really a personal preference. I liked VHO the best after trying PC and T-5? as well, the actinic bulbs in these format just don?t make the corals ?glow? as well, this is really a personal preference because I don?t think the corals would care that much. All the discussion about T-5 vs, VHO intensity is somewhat confusing after a while, I think the main advantage is T5 being a skinny tube and that makes it a fairly good bulb to use a reflector on, hence you can put more over a tank and concentrate MOST of the light energy into a 180 deg plane down into your tank, VHO is not as efficient in doing the same. Everyone also states T5?s runs cooler than a MH, yes and no, just think each bulb acting as a heatsink, the bigger the surface area the cooler it appears to be, however, they will put out similar amount of total heat. MH will spot heat more due to all the light being directed more efficiently on to the surface of the water, but that is why you put lights over your tank. As far as the suggestion of using only T5?s and referring to the tank of the month on RC being a T5 success story, the tank runs eight 54W T5?s and he didn?t say if they are over driven, most likely he is, and all this lighting is only covering a 48x24 area with a depth of 22 inches. You can cover the same area with two 250W bulbs costing a lot less in initial cost, and possible long tern operating cost with a lot more intensity. Heating of the tank will be about the same if the hood is vented properly, in the summer, you?ll need a small chiller if you don?t want to use your AC to keep you room at a steady 75 degrees.
With all the choices in 250W SE bulbs available, you can get away without actinic supplement bulbs if you are trying reduce power consumption and heat resulting from it. I personally run my MH for 11 hours a day and the two VHO super actinic is only on for about 3 hours while I am staring at my tank in the evening.
BTW, I love my Luminarcs but I don?t think they will work as efficiently over your tank. I also have tested the intensity of all the bulbs I have mentioned with an Apogee PAR meter, so my option to lighting is based on experience, not something I read on RC.