Hey Eat, LED's are good in that they are pretty maintenance free (no bulbs to change) but if you want to really light up the water you can't beat metal halide. I have a Grand Banks 36' and have two 175W bronze metal halide lights in the transom. I also recommend thru hulls because you can service them without having to haul your boat. They're expensive but bullet proof. Check Aqua Lights, thats where I got mine. They used to be in Ft Lauderdale but I think they moved to the gulf coast somewhere.
www.aqualights.us Good luck!