Hi Joe,
It depends on what type of corals you want in your tank. If memory serves me correct, soft corals can do well under multiple T5 lighting, whereas the hard corals are more suited to Metal Halide lights. You can pay a small fortune for MH lights. I picked up 2 MH floodlights from Ebay, wall mounted them and put in 2 14000k bulbs. The lights cost me £60 for the pair, and I think the bulbs were about £14 a throw, so call it £90 for 300w of MH lighting. The equivalent "Aquarium" MH lighting would probably set you back £200+.
Personally, I'd skip the T5's and just go with MH. That way you have the option to get hard corals in the future if you so desire. If you get wall mounted MH's or ceiling mounted, then the surface of your tank is free, allowing much better access, evapouration etc. I'm in the process of putting together a small framework with mosquito netting so that I don't get a dirty great blue bottle landing in the tank. I'm fed up fishing moths and other bugs out the water.