You guys need to quit worrying about Lumens or MCD of these LED's and look at the Par rating. If you guys are serious, you need to google "Lumens Vs Par". Then find someone with a PAR meter (if you can), start buying LEDS, and measure. Once you have some solid readings, post back. I would love for someone to come up with a PAR rating for different brand/wavelength LED's.
Lots of trial and error getting the colors the way you want. Because Lumens/MCD does not equal PAR. I think you will find it quite difficult to find the right combo of colors, to meet your required PAR, and Lumens for each color to balance.
Hence the reason prebuilt fixtures are so expensive, and come in small sizes.
Supplementing your reef with different colors of LED is a cool way to bring out certain colors, and something I will be experimenting with. But I will still need my good old T-5's, and Halides for the Photosynthetic radiation.
Plus, your worried about saving money. In the long run how much have you saved? How much energy is this fixture going to consume VS Halides VS the start up cost (labor + parts + research). After a bit of time with the PAR meter, I think you will find the required LED's are expensive. More than its worth.
But, by all means. Give this a shot. Point light sources make a reef look so much cooler with the shimmer. LED's are cool to begin with. Like I said, I want someone to post a scientific result of PAR for each LED.