I would always use 22AWG for up to 1A.
Can't really help with the other question as there are too many variables. I tend to look to an off the shelf solution as a base and then tinker with the design. But (for example) 50W of LED doesn't really tell you much. Even using exactly the same LED (so make, model and bin) running at 50W can give a level of light that varies by over 60% depending on how hard you drive them (by that i mean running 10 LEDs at 5W each or, to get the extreme example I qoute, 188 LEDs at 0.265W). And that is before you introduce the significantly higher variations you get with different make/model/bins! Of course, no one is ever going to run them quite that low! That was just to give an example
More colours is a good idea. How many and what balance is a different matter. Personally I'd go for a mix of RB, Blue, Cool White, Neutral/Warm white and then maybe one or two exotics, but I'd have a play to see what affect these had on the tank. Limes are often recommended, and then things like turquoise, cyan, etc.
Tim