Some proteins need red and green to look good. Dana has posted and has a few articles on this... most blue colors look better with some red.
Study Emerson effect which shows that near and far red help relax the photosystems and allow energy to transfer easier in the coral. There is little doubt that light without IR needs to be kept lower than light that does not have it - for example, I can give 750-1000 PAR from my Metal Halides and corals thrive whereas they burn with LEDs at this intensity... is it all Emerson Effect... no idea, but it is one explanation.
See if you can search for some posts that Lasse has about green. There is some evidence that green makes it's way around and through tissue to provide energy down deeper and underneath. This is a fun read.
Remember that nearly everything that we keep in our tanks are harvested on one breath and nearly all wavelengths from 350 to about 850nm are at these levels. When we watched, most was collected in waist deep water. Is all of this necessary, not likely, but is it helpful... only if you believe that nature is efficient.
If you are not going to use a bunch of red and green, then I would keep the intensity lower - there are plenty of tanks that keep whites lower and do OK. Remember that the light does not have to "look" red and green to have plenty of red and green in it.