Up to you. Looks at some set ups and see which you prefer. If you go leds I suggest going with good ones so you dont waste your money. If your handy cree makes some good diy sets. Leds are more expensive initially but last a long time instead of needing to be replaced yearly like t5's.
i have a 40b reef right now its a mixed reef with everything from SPS and LPS to softies and mushrooms. a little bit of everything. I have used a 120w LED bought off of ebay as a coral grow light LED made by taoelectronics. At the moment, I have changed over to using a 6 bulb tek t5 light made by sunlight supply. both have done well but i decided to go to the t5 for the bulb color assortment that way I can play the color to make the corals pop more.
To do softies and ricordias you would at least need to use a 4 bulb t5 to get up around the 150w range.