actually, you don't have to change the reflector, or change the sockets if you use hqi lamps, which is what is in that fixture, but...would you like to see that over your tank for the small amount of savings you are going to experience?
how would you mount it? on the wall? or would you hang it over the tank from some home-made apparatus, that you'll need to explain to your guests? plus, who knows about the ballast.
you are also not going to want that glass cover over the front, but, you will need a cover, so, you'll need to create one.
i ran through these same ideas when i first got into reefkeeping. i used one of these-
early on ...with extended wiring, and a batwing reflector. it looked like total crap, and it hummed like a jar full of bees. the light was 129.00, and i had to buy a new bulb, because it came with a 3000k lamp. what did i save?