I look at the cost of the bulbs too. I'm very familiar with T5s so I can't speak on the cost of the bulbs. But I have to imagine 12 vs 6 can't be good. Suppliers have a knack for "sticking" it to you any way you look at it. Cost may be the same??
Again, watts are watts. Yes there is some to be lost to the ballast one uses but. 175 watts of halide is no more expensive the 175 watts of T5, or PC. Watts is a measure of work done. If your using a magnetic ballast on your halides then, they will cost you a bit more then using an electronic ballast will. However,
3 175 watt halides running 8 hours a day for 31 days.......at the avg rate of .12cents/KWH means they will cost you about $16 bucks a month to run.
Don't forget about the other things that a tank uses, pumps, heater.......