If I had to start over and had piles of cash. I'd go all out LED with commercial unit(s). But alas, my PO's won't be signed off on by the wife LOL. Building them is an option. But I underestimated all the time and work involved with all the DIY stuff I wanted to do so far (which is why I am still not finished). I do like commercial units, but you will obviously pay more up front to get the build quality, warranty, etc. Still, I'd suggest taking a look at least and considering LED's.
Take electricity usage and HEAT generation into consideration. Heat could be a concern depending on where the tank is located on hot summer days.
For my current 125 long tank project, its a mix of retrofits:
3xLumatek switchable wattage 250hqi retrofits. Dual-ended 14k Plusrite bulbs/250hqi.
2xT5 ATI bluespecial 36" (actinic) one row. on IC660
2xT5 ATI purpleplus 36" (for color) one row. on IC660
I also have blue and white low wattage led moonlight strips (Icecap).
Lots of PAR with this setup, plus I can sort of simulate dawn/day/dusk by switching the lights in various combinations with a controller. Its sucks a good bit of electricity though. I expect it will also generate a lot of heat throughout a day. BUT. This tank is going into a basement level 'man cave'. So cooling shouldn't be as much of an issue in the summer.
My canopy and lights are built. Tank isn't ready yet. If you happen to ever be in the Gardner, MA area, you are welcome to swing by on a weekend and take a look at what I have done for possible ideas. My to-do.... which has been in a holding pattern for a while, is to finish a 'bean' style overflow.