There's a number of good online guides out there, but basically you have choices of:
Power Compact
T5
Metal Halide
LED
Or some mixture of those. That list is in order of efficiency, least to greatest, in terms of PAR per watt. If you want the shimmer effect, you need to go with lights closer to a point light source, so it needs to be MH or LED. If your tank is fairly shallow, a lot of PC or T5 will be plenty, but the deeper the tank, the more powerful and directional the light needs to be to reach the depths with reasonable PAR. If you have a mostly deep tank, LEDs with tight optics would give you the best PAR deep in the tank, most tanks will get pretty well covered by a MH lamp or two, and T5 will give you a fair amount of power with the same blanket lighting style and no shimmer effect. PC is uncommon in very large fixtures simply because T5 is more efficient, produces less heat, and is more powerful.
Going from 65W PC to 54W T5 is probably approximately the same, with a little extra power in the T5 bulbs. The real advantage with T5 in this case would be if each bulb had an individual reflector (and a good one), in which case 54W T5 bulbs would be tangibly brighter than 65W PC bulbs. As said, T5 bulbs in standard lengths also come in a lot of varieties so you can fine tune the color and look of your tank fairly easily.