It depends on what you want to cool. If you have flourescent bulbs and just want to cool the bulbs then sucking the warm air out of the canopy will cool the bulbs best.
If you want to lower your water temperature then blowing air in, across the top of the water will be most efficient.
Blowing out with MH makes no sense. It won't cool the water much and it will cool your MH bulb making it less effiecient.
I have no idea why people want to cool their canopy. The temperature of the canopy doesn't affect anything.