The only advantage is the setup price, and cheap to replace the bulb.
The drawbacks are 1, wrong color, 2, low efficiency, 3, hot temperature, 4, short operating life, 5, bad ramification on the livestock.
In the relatively short period, all the economical advantage will disappear, and you will end up with a tank in bad shape due to a combination of overheating, low light level, high electricity bill, and dying corals/fishes.