I'll start and maybe others can finish: The color temperature is a measure of the peak wavelength of your light spectrum (obligatory physics explanation: The color temperature concept comes from the black body formulation of radiation and assumes a particular spectrum. From Wien's Law, one may deduce the peak wavelength for a particular color temperature, but note that this does not necessarily imply your light source behaves as a black body.) Color temperature takes your light spectrum and estimates a black body temperature which looks like your light. Since your light is heavily blue, you probably have a 20,000 K temperature.
Your proposed light has a blend of a number of LEDs and I bet they have a nice looking spectrum for corals and viewing. The photosynthetic requirements of corals and anemones are in the 450 nm range (terrestrial plants do best with both blue and red, but red doesn't penetrate water as well as blue). Why doesn't one use just blue light? because it doesn't look as nice as blue plus white light. You'll see on this site lots of photos taken under only blue light. Not as nice looking, right?
PAR is a measure of intensity (I think) meaning photosynthetically active radiation. Your light has a PAR of 85 at 12" of air. PAR measured through water will be less, but I do not know how much less. If you want higher PAR, it looks like you'd need to get another light or place your coral pretty close to the surface. How deep is your tank? You may have also noticed on this site that frag tanks are typically very shallow, for this very reason.
I hope this helps, if not, ask away! Maybe you'll stump me but someone else will be sure to know