I have only zoas / palys and a Trachyphyllia open brain coral under my MH (14K, 70W), and everything seems fine being around 8" from the light (the open brain is on the sandbed, so more like 12"). I've had things closer to the light also and have yet to see a coral melt from overlighting. If your tank is over 18" deep, you could likely go with a 150W MH and as long as you acclimate your corals LPS should be okay if they're in the bottom half of the tank (which is where'd you probably want to keep them anyhow). Well, that's if you decided you wanted to go with MH. T5s are awesome, but I'm seriously addicted to MH
Out of curiosity, what are the dimensions of your tank?