IMO I would go for your first idea, and get a 600W MH/HPS and use a few more bucks on a nice cool hood or atleast a cool tube ..
specially if your on a budget, LED is the future Im sure and the nice big quality once can for sure compete with HID lights, but I keep see and read about them cheap Chinese once is more like toys then anything els and is a wast of money.
so unless your able to build one your self (DIY) as I see Ppl. do that or is able to invest the money needed for a prober one (Im no expert, but I did look at em in the start but decided to go with a 600W HID myself) like etc. the Black star (400$ and up) I would for sure go for the HID
depending on contry and how much your electric company charges I would say a 600W maximum use for 50$ a month and bulbs do last a year roughly (twice as long if you switch between two) so you do have to grow for a few years to make up for the LED cost, surely it will pay of in the end, but if you start out by wasting etc 300$ on a LED fixture that don't live up to your expectations you already years behind so to speak.
a solid HID set up wont let you down and is easy to sell agin if/when you have money to upgrade to LED or use it in the Veg tent you might upgrade with later on, get a nice dimmerble ballast that or one that can run both 400W and 600W and use the 400W MH for Veg at a later stages (just a suggestion)
a rule of tump is that a 600W cover 4x4 so its perfect a 400W will cover 3x3 aso.
I run a 600W HPS with a cool hood on, if I Veg I use a T5HO fixture as it provide enough light for Veg and safe power, so I only run my 600W on 12/12 so power use is`t that high Im in Scandinavia and we pay high prizes for power and I think in US $ I use for 40$ all in all with fans and vents aso a month, not much more then if I had a few big fish tanks as my hobby
right now I do 12 plants (3x4) under it, but Im doing it as a 12/12 from seed in a SoG (SoG = see of green) as its the only way to fit that many in to that space, but on purpose as I want to keep em small, as one of our big "enemies" indoors no matter what light is light penetration, so by going 12/12 from seed I keep em small and busy, get a early harvest, use less power, for the cost of some seeds/clones, as they will yield half of a normal Vegged plant but as I keep 12 instead of 4-6 it should yield the same ... I hope

fist run but I like what I see
https://www.rollitup.org/indoor-growing/416589-12-12-seed-thread.html
if you don't like to go that way I wouldn't grow more then 4-6 plants under a 600W in a tent that size if you want the plant mature before you go 12/12