Unless you already had the ballast, endcaps, and a stockpile of VHO bulbs I would definitely go the T5 route. As for how many, that depends on a lot of different factors. A couple big factors are the size of the tank and how many LEDs you plan on using. On my 75G cube I could get by with 36 LEDs + 4 24" true actinic T5HOs for even the highest light demanding coral.