+1 to the LED lighting.
We are in the process of changing over most of our lighting to LED. They last forever, put out next to no heat, and are very versatile with colors/mixing/and dimming. For our basic lighting set up, we're using an led and a traditional par can on either side of the stage elevated at about 8 ft. It's super low amp draw and heat output. I've never had a problem with power for lighting even in the smallest of venues.
On the other hand, for larger stages, you need to dump A LOT of coin to properly light the stage with LED's. We are working to turn our larger par 64 trussing rig into a couple of high powered LED fixtures. It's not inexpensive but the time/labor/flexibility/and reliability will make it worth it.
Go with the LED set up. However, get a couple par 38's or something with some lavender gels to give decent lighting for the faces. I hate colored lighting for faces. Get something neutral, like lavender, to prevent it looking like everyone has some weird skin disease.
Here's just with LEDs (looking like a Smurf in this case)
Here's lavender cans up front with LED's for color/effect (no skin disease but plenty of color for effect)
