CFL will be cheaper... There are a few good posts with grows using only home use LED bulbs. They work, but cost a lot more. PAR 38 Crees is what is generally accepted to be best. You can get spots or floods or both. I hear that some dollar stores have 42w CFL's for a buck. That'd be a great way to go. No real benefit to the LED bulbs except for experimentation purposes and maybe a little heat savings. Maybe you save little on electricity, but it would be nominal as you still need the same amount of lumens and the LED bulbs aren't that much more efficient. Stick with tried and true strategies is what I have learned the hard way.
I tried using the phillips slim style LED's plus a 75w apollo UFO. Total Fail. 1/2 oz for 9 weeks of gardening.