There was a guy at MACNA- Tullio something, who was developing the LEDs. I have his talk on DVD. Maybe that could be an activity for the meeting?
As far as the t5's (you want HO), you can get a retrokit with individual reflectors and bulbs for $120 for a 24". I don't think it will be a whole lot more for a 36". Premium is where I am going to get some from..... The bulbs typically last 18 months, use less wattage than vho or PCs, and give more penetrating light. There a quite a few tanks that are using just t5s and growing sps just fine- though there are probably 6-8 of them over a tank. I had PCs, and did vho's, so now I'll give these a shot. I liked the vho's more than pc's fwiw- just my preference.
Michael