I would think so because blue spectrum is used for vegging, and red is used for flowering. You can easily go from seed to bud with a HPS (red), but it is difficult to go from seed to bud with a MH (blue).

I would go with 2 red over 1 red 1 blue. Right now I am using 4 23w CFLs that are around 5500k (blue, 2000 lumens), and then I am using 2 14w CFLS that are 3500k (red, 900 lumens each). I have seedlings and they are about 3" tall right now.