Hahnmiester and others in this discussion,
Ideally it would be really nice if we had a really good idea of what parts of the radiation (400-700nm) do the corals actually use and how much of it.
Unfortunately, there seems to be a wide range of useable light spectrum given the corals ability to adapt and the wide range of different zooxantalle and pigments in the corals. There are some general descriptions of the absorption spectra that show the light spectrum the corals use.. however its not constant for all corals at all depths.
Assuming you had a good absorption spectra, you could theoretically multply a normalized absorption spectra with the lamps spectral distribution and compute the PUR (photosynthetically useable radiation). I have done this with a absorption curve that was given to me by charles mazel. Interestingly for this absorption curve.... lamps with higher PAR had higher PUR too. I know steve tyree has a absorption curve that he has derived from various pigment absorption curves, and I am absolutely sure that if I computed the PUR using his curve the results would be quite similar.. lamps with higher PAR would have higher PUR.
The other issue is that we do not know how much of incident light is being used. Clearly the corals are not using all the blue light that falls on it... otherwise they would not appear blue. We see the reflected color.
I know Dana Riddle has done some experimentations and reported the results in Advanced Aquarist (see the archives) that for broad spectrum lighting, PAR is strongly correlated to growth. So from the growth perspective it seems that the more PAR the better. However, it may be better to have that PAR spread out over a broad region of the spectrum rather than having it concentrated in a narrow regions.
However, when it comes to visual appeal and the development of pigments that we as humans prefer to see, the higher K lamps seem to do a better job. I however do not like the look of a blue tank, others do. I do not even run actinics over my tanks.
I think it is pretty much established by anecdotal evidence that with any of today's MH lamps from 6500K - "20000K" corals can be grown. So the basic rule of thumb is "use the highest rated PPFD for the lamp class of your choice". The higher the values of a lamp in a given class the higher the probability that it will last longer, since it has higher values and more room/time to degrade.
Clearly, lamps with most of the output in the "blue" range tend to have a shorter life since the metal halide used to generate the blue spike tends to degrade faster and lamps hence lamps loose thier output faster. Its a choice you have to make using your own value system, no one can make it for you.
Not sure if it answers all the questions.. but I am not even sure I can answer all the questions.

There is a lot we do not know and I would love to get that data if we can.
sanjay.