I definitely like the heat reduction in LEDs, not to mention the higher lumen/wattage ratio and the greater aptitude for full-spectrum. But while THC production goes up as heat levels go down, you simply don't get as much of some of the other beneficial chemical components of marijuana, such as CBD. Haven't researched the science of it, but it makes sense that lights created through different means will have different properties, including various heats and frequencies, all the way down to how the particular photons are received for photosynthesis, and how readily, efficiently, etc. From what I have heard and researched, LED panels seem like the way to go for a variety of reasons, but I wouldn't be opposed to the use of a different type of light to augment, maybe pack in a few of those other chemicals LEDs don't seem to produce...
At any rate, Mr.Hush, your Galaxyhydro UFO appears to have all the red/warm color spectrum you will need for flowering, but perhaps a few more watts wouldn't hurt. And be sure to implement plenty of cool/blue spectrum light during veg. Whether it be MH, fluorescent, or LED, getting that high frequency spectrum boost is like steroids for early veg growth!