People keep 150watts MH over 24 gallon Nano Cubes
Yup, but does that make it appropriate? Lighting is such a confusing topic because there is such a wide range of opinion as to what is 'right' and what is 'best'.
First, here is what I believe about lighting: source (pc, t2, mh...) dosn't matter, its quality and quantity. Light is just photons and photon x from mh is the same as photon x from pc.
Those corals in the nano cube with the 150w mh are probably proto inhibited, that is, they get much more light than they can possible use and are probably using extra energy to protect themselves from the extra light. It just isn't needed.
seas_inside got it exactly right in his last paragraph. In fact, if all you wanted to grow was algae and some low light corals like mushrooms, you could go as low as 30w comfortably.
You have two factors to look at in choosing your light: the heat it will generate, how much the corals you want to keep really need.
You mentioned monti caps as a coral you want to keep. They have moderate lighting needs. What other corals do you want to keep and what sort of lighting do they need. Also consider compatability with your horses.
I suspect that Monti caps would do fine with 50w of lighting and that 96w is more than enough for even the most demanding acro.
Once you have decided how much light you want to put over your tank, the next question is what form factor fits best. Yes, you can go with that 175w mh and raise it up higher, but then you are lighting not only the tank, but the surrounding area. It will work, but do you want to spend the extra money to light areas outside your tank.
I suspect that pc or t5 will end up being the best form factors for your application, but I am not familiar with specific sizes and wattages for these lights.
As far as quality, if you want the right photons for photosynthesis, I would stick to something as close to 65k as possible. For estetic (sp??) reasons you may want something a little bluer, just remember that the more towards the blue your lighting gets, the fewer photosynthetically usable photons it will produce. From your coral's perspective, 96w of 20k lighting is not the same as 96w of 65k lighting.
...Or, to paraphrase this long winded reply, stick to a range of 50 to an absolute maximum of 96w and pick the form factor that fits your tank best.
Fred