Alot of people are doing that already actually.
Check out nano-reef.com
I think it's a bit cheaper to do 70W. You can find the ballast on ebay for around $50 usd. The only 150W ballast I find are around $100 usd. However I think the bulb prices are pretty similar. For the 150W, you also have to buy an extra socket if you are planning to retrofit a regent pendent because the socket on those do not fit the 150W bulbs.
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