You're better off with the CFL's if cost is an issue. Good LED lights are still rather expensive, like this one:
http://cgi.ebay.com/180W-Jumbo-UFO-LED-Grow-Light-1000W-90W--400W-%3C-600W_W0QQitemZ200373002103QQcmdZViewItemQQimsxZ20090813?IMSfp=TL090813168002r17712