Well as mentioned in the latest reefkeeping mag, go to RC's main page and click on the e-zine link, PAR is what is more important for corals (ie light energy), and lower kelvin bulbs (usually) put out more bag for the buck. Take it a step further 6500k bulbs put out way more par for any given wattage than most bulbs out there.
Problem is when you switch to 20k you're going to starve the coral of light, and by that I mean unless you bump up the wattage (ie go from 250w to 400w) you're all of a sudden putting this coral you just grew into a more "shaded" area. Will the color up? Perhaps, I think mostly they put them under the 20k bulbs just to make them look more colorful, if they color up that's just a secondary bonus.
Talk to a few here though that heavily emphasis feeding though, I would be willing to bet you get more from that than any kelvin switch on bulbs, problem is you have to be very diligent with keeping your water parameters good.
Would I do it? Sure, why not. In fact there's a reason I have a frag grow out tank on my back porch, I don't want to be bothered with having to pay PG&E to light the things
Of course I really wish I had a quantum flux meter or something to see how much light really is getting back there.