If you had 350w of PC lighting over the same 75g tank there would still be 5 wpg but way less 'useable' (for want of a better word) light than with 350w of Halides.
Watts Per Gallon is a useless method for measuring reef lighting.
My friend has 3x250w 20k Halides over his 180g SPS/Clam setup,,,, an absolutely stunning tank and only 4 watts per gallon.
175W should be enough, although I wouldn't place light-demanding organisms near the bottom. Generally, I find 175W will work well up to 18" of water, but the top 12" is where you can keep most of the good stuff