I run a single 48" NO bulb on my sump (Ballast for the second one burned out) and I grow Ricordia, Xenia, Macros, shrooms and even two hearty SPS (very brown, but growing). That is at a depth of 10" from the bulb.
Drop that to 5", and you have four times the light, so yeah, it could work fine.
Standard disclaimers apply- Not all corals like the same amount of light, etc, etc, etc...
Zeph
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