If you go with bridgelux chips rather than CREEs, your build cost goes way down also. You can get them direct from China for something like $1.50 each. They aren't quite as efficient as CREE XP-Gs, but they certainly will do the job.
I'm building a setup for a 40 breeder that will have 30 emitters, grouped in threes like the AI units. Cost will be something like:
$150 for LEDs from LEDGroupBuy.com
$70 for two dimmable power supplies (Thomas Research, one 40w for whites, one 75w for blue/royal)
$70 for heatsinks
$20 for wire, connectors, etc.
Total: $310 for the equivalent 1.25 AI units, with the same emitters as they use, but spread out better for the shape of my tank. If I add optics it will bring the cost up to around $350.
I've already got an Apex for control, but you can get a lighting controller from Rapid LED for $59 if you don't have one. If you are happy with on/off and manual dimming, you don't need a controller at all, just a normal timer like you would use on T5 or MH lights.