There is no reason whatsoever that SPS cannot do well with t5 lighting. If you have doubts, search RC for the many many pictures of sps dominated reefs with nothing but T5 lighting over top.
The issue you'll have with MH's on a 36" tank is that 1 bulb isn't quite enough and 2 is probably a little too much in terms of coverage. The t-5 fixture will give you much more versatility in a smaller package. I have a 36" teklight that I'm going to put over my 33 gallon and am quite pleased with it.
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