Just your going to need put sps up high in your tank. Below 10" from the waterline. Here's some pic.
This is worth discussing a bit. According to Sanjay at the last frag swap, light travelling through water losses a negligible amount of PAR in comparison to light travelling through air and the loss of light at the surface of the water is also negligible as long as the light is hitting the surface at a steep enough angle (the light is generally hitting the tank at an almost 90 degree angle because they are right above the water surface). This is why Sanjay does all of his testing in air.
The farther you get from a light source, the more the PAR is dispersed, so it is 100% correct that light loving SPS are going to need to be toward the top of most tanks so that you can keep your lower light corals at the bottom.
Now, one major advantage to T5's, if you have waterproof endcaps, is the ability to put them very close to the surface of the tank without super-heating the water. This cuts down the distance the light has to travel into your tank. If you can lower them by 8" in comparison to a similar MH set-up, you are getting a very high amount of additional PAR that will penetrate 8" farther into the tank. This is a worthwhile thing to do since it could save you a running an additional set of bulbs or could get you to grow SPS on the bottom of a taller tank where you couldn't otherwise.
In the center of my 270 we had 8 overlapping T5's running in the middle of the tank (the tank is 7' and we started with 4x5' T5 retros on each end so they overlapped by 3' in the middle and made an 8 light bank in the middle portion). We made a "cart" that flipped up and down with our light rig on it that put the lights a maximum of 4" above the surface of the water. In the center of the tank I could grow my lower-light SPS (e.g., Evil Mel's Mille) at the bottom of that tank and it is a 30" deep tank. It was bright enough to slightly bleach out a moon coral. Now, raise that same light set-up by 8" where a MH set-up might comfortably sit, and there's no way I could get that stuff to grow without without a very high watt MH or adding at least another set of T5's (which I did not have the space for).
The point I'm making is that light is light. T5's do not emit quite as much light as a point source as MH's do, but they do not emit as much heat either. In both cases, light spreads out and provides less PAR the farther you get from the source. And... as I said in my original post... in both cases you can get plenty of light into a tank to totally scorch out the corals at the top regardless of what you choose.
IMO opinion, considering the savings you can reap with T5's especially by getting them low over your tank and being able to slowly rotate bulbs through your line-up, I don't see the huge benefit to halides. And I'm not just talking a straight-up watt-to-watt comparison. I am adding in the cooling of your tank and your house accordingly. With that said, I'm a graduate student and I could make more money in a year working the grill at McDonald's, so in order for me to take part at all in a hobby like this I need to cut corners. Considering the way the cost of electricity is going up, I've been more than happy with my choices.