We are talking about a 210g right?
I would think for the sort term the 150 mh
will do ok but you will want to explore better lighting options. The 150mh will only penetrate the water so much. 250's would have been better. lol
But if you wanted t5's i would suggest at least a 12 bulb system to give you better coverage adn withindividual reflectors to get the most out of the lights.
As far as LED
's, can't be much help there. people have ALOT of opinions and I havent sorted them all out yet.
For sand I used 250lbs of pool filter sand that cost about $4 for 50lbs and that gave my 125g a 5-6 inch sandbed. For you I would go to at least 300lbs of sand.
For rock I would want about 1.5 to 2.0 lbs per gallon, so youre looking at minimum 250 lbs of rock. I'd buy 250 lbs of base rock for about 2.5 a lb and then add about 50 klbs of live rock or maybe a bit less.
Hope that answered some of your questions.