The debate about 'best light' is as old as the modern reefing hobby. Fluorescent and metal halide lamps can get the job done. So can LEDs. But your question was 'SPS lighting on a budget.' IMHO, LEDs would be the way to go. Some of the black boxes are inexpensive and can provide enough light plus many have programmable spectrum and photoperiod. I can't tell you how many times I've had long discussions on this subject. Nor how many times I've received a reply along the lines of 'I got the lamp(s) you recommended but the wife doesn't like it because it makes the carpet look purple.' So, the adjustable spectrum is important.
I skimmed through the comments here, and none of the advice you've gotten will lead you wrong. Personally, I prefer LEDs.