Alright, I had a 125 up until recently. mine had 2 braces, not one int he middle so i had no problem putting 3 x 175watt mh over it and 4 36inch t5s overdriven on an icecap 660 ballast for actinics. I could keep anything I wanted, including clams on the bottom. If i could do it again, and had a tank with only one brace, I would go for 2, 250watt mh and raise it up high enough that it gets a decent spread with good reflectors, and with 4, 60 inch t5s that overlap , but the overlap is 6 inches short on each side. I doubt it would be much of a noticeable difference with those 6 inches being cut short on each side.
However, with the new LED lighting systems being put out, I would probablly go with 6, kessil a150w fixtures. They are comparable in output to a 150 watt metal halide, but are 30 watt leds (consume 36 watts). I would go 3 10k fixtures, supplemented with 3 20 k fixtures, each one lighting a 2 ft section. I figure it would make your corals fluoresce like crazy with the 20k colors and grow like mad with the 10k mix put in there. I would highly consider LED lights over anything else at this point, and this is coming from a person who was a die hard metal halide user for years. So, 180watts of led light as opposed to at least 500watts... and the kessil lights are powerful 30 watt leds, not like all these other fixtures which use multiple leds, each fixture is very tiny adn compact... and priced at 250 each.
And to play devils advocate for a sec, it is still an unproven product and kinda pricey at 250$ each fixture. Its not for everyone and there is no real changing of bulbs in the hopes of trying to get a different spectrum. What you see is more or less what you get but then again, no more changing bulbs... (ever perhaps), no more excess ridiculous heat, less power consumption not only in the lights but also possibly no need for a chiller, and the A/C in the house would probablly run less.
Probablly my one biggest reason I would go with LEDS as opposed to any other choice of lighting: No more change in the light output every 9 months or so. Just one constant output, less fluctuation.