I suggest no hood, I personaly hate the things. They cut down on access and trap in the heat. The only real advantage is that it is neat and clean looking....not a big one to me.
Yes one, MH for every two feet of tank. However if you plan on staying with limited SPS with mainly LPS, my buddy has one 400w MH in the center of his 4' tank is a simple setup. Being 400w it is bright enough to have decent lighting in the center up top, even on a deep tank for SPS, and dimmer on the sides perfect for LPS. Being a 400w light you can go to a 20K bulb and not kill your PAR. In addition you will not have to use PC's for actinic because it is a 20K bulb. supplementation.....therefor could be cheaper in the long run by only using the one bulb
I would go with the 2-250's, I had 150's and they didn't cut the mustard. With the 250's you can grow what ever you want without restrictions.
There are a number of options for setting up the MH's.....a retro kit under a hood, piece one together from parts you buy, pendants hung from the ceiling or a bracket that you made that mounts on the top of the tank, or an all enclosed type that sits on the tank top of the tank. I have the Coralife Aqualight Pro set up and love it. It has 2-250MH,2-96wPC actinics, and 4 LED moonlights.
As far cost? I try not to think about it.....the actual cost diference between running the two lights is a drop in the bucket compared to the money that is spend overall in the system.....think of the extra money you spend montly in the lights would be less money you spend when replacing livestock that slowly dies from lack of lighting.....
For a cheap set up, I had never seen the JEBO lights and was impressed with the MHs the Coral Reef Shop had over thier tanks, but there are better and more expensive ones....buy the best the first time you can afford and don't upgrade three times like I did!!!
But I guess the real question is what kind of a tank do you want?