Every recent article will point to light intesity (par) as the main contributer to coral color and growth. So 400w is not too much, especially with a deep tank where you can stratigically place your lps.
As for cooling, Ill let others chime in with their experience.
Something to keep in mind, reflector design has come a long way in the last few years. A 250w halide will fair as well or better than a 400w if it is in a better reflector. And of course what reflector you can and want to use will vary on your application (mounting height, canopy size, highly focused or evenly spread light, etc).
Good luck