Comparing the light output (ie, how useful they are to us reefers watt for what) of MH and T5 tends to become a draw.
Personally I think more depends on the QUALITY AND AGE of the bulbs you are using and QUALITY of the reflectors you will use.
For example, I'm pretty sure that a 175 Iwasaki 15,000K mogul base MH lamp would blow the socks off of a similar wattage T5 setup with ATI Aquablues and UVL Aquasuns.
But put any other 175w MH in there and you have a draw, IMO. The Iwasaki 15,000K is a legendary (and costly) bulb.
Same goes for the Iwasaki 6,500K 250W lamp that can be run even more efficiently on an old style Mercury Vapor ballast (if you can still find this bulb, it's hard to find)--- puts out an INSANE amount of par compared to most other MH bulbs (including other 6500K bulbs).
I am with BigAirHarper, this will come to personal preference.
On a 300g I would be more inclined to put the MH on there.
As for which whether to use 250 or 400s, you could always put a 400 in the middle (where your most light-hungry clams and sps would go) and the 250's on the ends--- would still save you 300 watts of energy and allow you to grow all kinds of stuff.
Spend your money on GOOD REFLECTORS and not on light output--- in your case this will be a big deal on a deep tank like that. That sounds like a wonderful tank dimension--- nice and wide, long, and about the right depth.
By the way, as you research your lights, look at Melev's sight and check out his discussion on MH lights.
He reviews his reflectors and personally I would look to "mimic" what he has done.
http://www.melevsreef.com/mh_lighting.html
http://www.melevsreef.com/par_readings.html