You have 432w T5, but you only had 300w MH, you don't mention what MH bulb/ballast combo you have, if you were running XM 20k's on an electronic ballast you wouldn't have anything for PAR, but if you're running 10k's on an HQI the PAR numbers would be 4-5x higher.
Everyone gets all excited about T5's, there is nothing special about them, they are good, high output lights, and the skinny bulbs make for great reflector design.
A better comparison would have been 6x54w vs. 2x150w, also those PC actinics are probably doing jack for PAR...
I'm all for T5's, but your experimental methods are really biased.
Also it's gonna cost you almost $200 to replace all of those 8 T5 bulbs... nobody talks about this, and this is my big problem with T5's, you gotta have at least a 6 bulb, preferably 8 bulb set up to compete with MH, but at that point you are talking about a lot of really expensive bulbs, and to really get these great par numbers, you have to have a high end fixture like a TEK or ATI Sunpower, which aren't cheap, unless you do retros. But for MH there are always pendants.