As Justin said, T8 is probably better than T5HO. In terms of efficiency, T5 (not HO) > T8 > T5HO (the difference between the last 2 is very small and the relationship could be reversed depending on the temp.)
Many cheap LEDs have only slightly better efficacy than fluorescent. But if you choose carefully, you could save money in a long run (depends on the cost of electricity). Here is a summary of US Dept. of Energy CALiPER report (it is a little old, though):
http://apps1.eere.energy.gov/buildings/publications/pdfs/ssl/caliper_21-4_t8.pdf
I don't know the quality of the following, but it has a decent number (4200 or 4500 lm, 105lm/W) for moderate price ($35.98):
http://www.samsclub.com/sams/4ft-le..._LS&siteID=je6NUbpObpQ-Psxda90OQkp0zh7smflq6g
I think I saw the same thing in Walmart, too.
This one also has moderate efficacy (122lm/W when you remove ballast, but not so high (100lm/W) if you don't):
http://www.amazon.com/gp/product/B0...e&ref_=ox_sc_sfl_title_22&smid=A1VCN0ZD746TM9
If you need lots of them, you could import Sunritek (>140lm/W) T8LED, which is cheaper if you need 20 bulbs or more (
detail here).
If you want to go with ballast-less T8 LED (better), you might want to attach the tomb-stones (the place where 2 pins of a florescent light bulb go in) on 1x2 lumber or plywood instead of getting cheap shop light as the fixture. In this way, you can minimize the hight of fixture. Also you can adjust the distance between the bulbs to get more even coverage.
If you already have shoplight fixtures with working ballasts, then HomeDepot has 123lm/W Phillips for $10 (I'm surprised how quickly the price went down). One thing I'm not sure is if they are considering the efficiency loss due to the ballast, but my guess is that they haven't included the loss. So the actual efficiency is lower than 123lm/W (depending on the quality of the ballast). If we assume 10% loss from the ballast, then its system efficacy is around 110lm/W (not bad).
http://www.homedepot.com/p/Philips-4-ft-T8-17-Watt-Cool-White-Linear-LED-Light-Bulb-456590/206278131