Heat will be an issue with 7 MH over the tank depending on how your cross braces are setup. John Rice had a disaster with an acrylic tank and MH lighting mounted over some braces when his fans quit and the braces cracked due to the heat.
I think 4 X 250W Iwasaki's or the AB 10K's would do well for a tank that size if you are using a
deep sand bed. I'm using 4 X 400W Iwasaki's and 760W of VHO on my tank and like the look personally. (my tank is 28" tall so I went with 400's)
When it comes down to it most of lighting is personal preference IMO. Cost is a little bit of a factor for the higher K bulbs, but really most of the typical options availabe today are going to keep your corals happy, you just need to decide what is going to keep you happy.
You can check out some of the pics on my site to see what the Iwasaki setup looks like with VHO supplementation.
FWIW, Nathan