Sounds great if u have a 1k mag ballast already, and plan to grow vert......
But otherwise, yea I think mh/hps is better for your standard horizontal home grower....
Veg light, flower light, and never any games of "My 'grow light' burned out, better replace it with the one from my desk lamp" (CFL's are for people who want to torture the plant n see if it survives.... like feeding nothing but bread and water to a human their whole life) LED's have a very limited field of 'good' ones, usually the DIY ones....
Dont buy the small light, and the cheaper version, and cut corners... YOU WILL REGRET IT.... I can post you a pic of all my old garbage gear, from doing just that...
You will end up with good gear if you are serious.... so skip straight to that point. It saves a lot of time, money, and space... Wing reflectors, crappy fans, swamp cooler buckets, all beginner garbage...
If you are gonna grow serious, start serious, even if it means starting later. Put the baby bulbs back into the bedside lamp, sell your LED to a fool, and buy some grow lights.... the kind that are tried and true for DECADES of growing success.... (and if you go big with a 1000w by all means get the mag ballast not the digi, so u CAN use the CDM bulbs if u choose....)