LEDs can have various different colors depending on the LEDs used. Blue and White are one color and how much of each varies the color as well as the intensity or either. I used two of these for a 100 gallon. reefbreeders
. Color is pretty good and I have the whites and blues on separate timers. There is also manual dimmers. I like the LEDs because of the natural shimmer effect that is found with natural light.
As far as the drilling goes, I would just drill the top back and "skim" the water off into the sump. Takes less space and creates same effect. Remember to leave space in sump for power outages to take the full drain to the bottom of your drain.