My tank is a little bit bigger than yours, but it may be worth also looking into using more lower wattage MH with varying color temperatures.
In my case, I have 6 MH:
2 x 400w 10K
2 x 250w 14K
2 x 250w 20K
I have one of each color temperature basically hitting the same area of the tank. The thought here is that you are hitting the corals with more color temperature sensitive spikes.
Since doing this, most of my corals have really colored up well. I think that they are also growing faster, but cannot swear to that yet. I did this back in March/April based on a Steve Tyree presentation that really made sense to me.
I do not know the dimensions of your tank or what types of corals you have in mind for your reef, but you may want to consider 4 or 5 70w and/or 150w MHs with varying color temps. For examples of bulbs see:
http://www.hellolights.com/methallig.html
MHs are hot, so if you decide to go the MH route, you would also have to consider fans to cool your canope and possibly a chiller to cool your tank.
On a personal preference note: I started off with only 10 K's and found the color too yellow, I have a friend with 5 20 K's over his tank and found it way too blue (but he has real nice fluorescing (spelling?) of his corals). Since going to the multiple color temps, I get real nice fluorescing (just like my friend) and I find the overall color/ambience of my tank to be much more pleasing to my eye than any single color temperature tank I've seen to date.
There are other ways to setup your lighting, I'm just offering this as yet another setup to think about :twisted: