Unfortunately, you will find that T5 will only allow you to keep SPS at about 12" depth successfully. I get 250-500 PAR max in the 6"-12" depth zone, and after that it gets really difficult to get SPS to really color up and take off. I also noticed that I could never get some SPS to have colored polyps no matter how much flow and water quality. I've been using the setup for 2.5 years now so I am not speaking from inexperience. I am making the move to 400W MH to push the 500-700+ PAR zone throughout the entire tank and hopefully color up the SPS poylps better. T5 will perform just as well as most 250W MH setups though, just depends on how much you want to pay for electricity each month.
FYI, I found the quick and easy way to get rid of microbubbles was to have a nylon 100 micron filter sock over the output of wherever your bubbles are coming from (return or skimmer). That eliminated most of mine in my 240G.