250 watts is 250 watts. I doubt you'll save much on the electronic ballasts. Moreover, if you are running SPS, you will be underpowering your bulbs, something to consider.
Then again, they will fire any bulbs.
I just upgraded to M80 ballasts, the magnetic ballasts that can fire double-ended bulbs. I am running single ended bulbs on them. I can't begin to explain how much better the tank looks, colors are exploding out of the corals. Will have to replace the bulbs a few months sooner than otherwise, but well worth it in my opinion.
As for bulbs, a lot is based on preference. For a yellower look with fast growth, Iwakis are great. For a white look with great coloration, the Reeflux are the best value. I run the Reeflux (by Coralvue, don't get the regular Coralvue bulbs as they have terrible PAR ratings), and love them.
You can drive yourself crazy comparing bulbs and ballasts. If you want to spend a lot of time doing research before experimenting, and have a nice, stable pretty look that will give good growth and color, start the safe way with a Ushio or, if in the UK, BLV (they are the same, both German made) 10K bulb. Then look at other peoples' tanks and get a sense for what bulb you really want. For 2.5 years I used Ushios before finally switching to the Reeflux.