Unfortunately, it will be pretty much impossible to do LEDs cheaply. Believe me, I wish it were cheaper :-) Luxeon Rebels or Cree XR-E LEDs are the ones most commonly used and they run around USD $7 each. For a 10 gallon tank you will probably need between 20 and 30 LEDs so you can do the math. Add a good sized heat sink, a fan or two, power supply (will probably need at least a good 24v one for that size array), and several drivers plus misc. supplies and it all adds up. I think you could do it for around USD $300 which is far less than the $1500+ for the 24" unit PFO was selling but still more than a T5HO unit (unless you are looking at the high end T5 setups).
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