Mainly red+ some blues + IR is supposedly the best combo for a LED. 1-3w LED are the most powerful per LED wattage/lumen output.
After personally doing HPS and LED. I have now switched my HPS back into combination with LED's. They compliment each other very well. But if I had to choose between the HPS or LED... HPS is cheaper, more light output, more heat. LED less cooling required, less electricity, less light penetration so anything really under that top bouquet is very much so light deprived bud. Be weary of the cheap brand 'UFO 90w" LED's, as they dont seem to work as well as others. Generally want atleast 200-300w LED for any decent bud. Also make sure the blue and reds are just not 1 spectrum; as they should be multiple blue and red led's wavelengths as to make sure the full color spectrum needed is achieved.