I"ve played with them in different lighting and done fairly well. Be warned - this is a mushroom that hates to be cut or torn. Physical injuries are typically fatal, IME. Maintaining color is my issue, but I don't keep them under very high light or target feed any of my corals - just poop for them - that may cause a difference.
They come from 15-25" in turbid water - reds may be from up to 50', I'm told by a couple different collectors. Colin from Coral Morphologic did a write up in Coral Mag a couple of years ago that detailed their habitat. I can't seem to find how to search their site so if anyone finds the article, please post the link.