For this frag tank, I'd use a 400W single halide pendant operating in the 6500-10K range.
Yes, a pendant will heat MUCH less than an enclosed canopy, and it'll be easier to get into the tank with a pendant versus a canopy.
When using halides (or any lighting system), the lower the kevin rating, the faster the growth and the less the color. The higher the kelvin rating, the slower the growth and better the color.
Ergo, 6500K to 10K will give you the fastest growth performance out of your corals.
You may also consider getting both a 6500K lamp and a 20K lamp. Lots of people who do lots of growout will grow out a batch of coral under 6500K, then put a 20K lamp in for the last couple weeks before removing the frags to color them up prior to sale or placement in the DT.