I agree with it being more about color temp and par than straight up watts. I am running 2 400w MH with 20kK EVC bulbs over a 24" tank with supplemental T5 actinics. I have great color and growth.
You could maybe get away with 250w and a focused reflector, like the Lumenarc, if you aren't wanting fast growth. But know better color could be had, even from the corals up top.