I think that the Odyssea 48 MH fixture with the 250 watt MH lights is far to much light for that size tank. That is 760 watts total on a 75 gallon tank, which comes out to more than 10 watts of light per gallon. I believe that the most lighting you should have on a tank (as a guideline, this is not a concrete number) is 7 watts per gallon. I think you would run the risk of bleaching corals if you were not careful.
Also, MH lighting can cause heating issues on a tank (especially that much on a small tank) so the use of a chiller would be almost a must. These lights on a tank of that size would most likely cause very large temperature swings between day and night, which is never a good thing.
Finally, MH lighting will run up your electric bill quite a bit more. They draw a lot of power throughout the day and can end up costing quite a bit in the long run.
For all of these reasons, I believe the T-5 fixtures in this case are much better off. They are a little less powerful, they run cooler, and also cost a lot less in your monthly electric bill.
This of course is just my opinion, so the reasons are up for debate.