Mike,
You've got plenty of light over your tank.
skipm laid it out very well. I'll try to make it even more starkly apparent that watts-per-gallon means nothing, and everyone knows that it's useless, if they stop to think about it for a second.
I could hang two 250w MH kits in my hood over my 75g. That would be 500w or 6.6w per gallon total. Of course I'll need to install fans, and possibly a chiller because I have an enclosed hood, and the lights will heat things up. Everyone would agree that I could keep quite a bit of corals under this setup though, and in fact lots of people have setups like this. They're expensive, but it's likely a very good choice if you want to keep lots of SPS, clams, anemones, etc...
Why wouldn't I just just hang ten 100w softwhite standard light bulbs in there. That's 1000w or 13.3w per gallon. It sure would be cheaper than the metal halide setup, and I wouldn't need to worry about them heating the water up much, so I don't need to worry about a chiller either.
Everyone knows that won't work, even the most green newbie. So you know that there's something special about the 'aquarium' lights. Well mostly it comes down to par value.
The only reliable way to tell if you're gonna have the 'correct' light setup, is by researching the light needs of the corals/critters you want to keep. Find out what other people in the hobby are using to keep these corals happy for the long term. It's pretty easy to figure out by looking in the lighting forums on RC, and asking questions.
As far as I'm concerned the watts-per-gallon rule is worse than useless, because it doesn't take into account tank depths, the needs of the livestock, or even the different types of light that are available. A tank that's 30" tall has very different light requirements if you want to keep SPS near the bottom of it, than a 20" tall tank does. Likewise a 30" deep tank thats fish-only wouldn't need as strong a light system as the 20" with corals. Watts-per-gallon is a very simple rule, and it simply doesn't address the complexities of a saltwater tank.
B