Literally the difference between T5 and T8 is how wide the diameter of the tube is:
T5 is 5/8ths of an inch
T8 is 8/8ths of an inch
The difference is that the newer longer T5 tubes (8W tubes have always been T5) are what's called High Output (HO) tubes.
This means that you get 54W fram a 42" tube instead of around 38W.
However you must use electronic ballasts (not the magnetic ones used for Normal Output Flourescents)
I have 4 T5 HO tubes over my 85 gallon and found they were good (I used the Arcadia Freshwater Plant spectrum tubes), though I now have two 150W Metal Halide tubes to help with the light B) .
You will find that T5 cost more, but if you have deeper tank or would need a lot of T8 tubes then T5 will save you money when it comes to changing tubes. Just make sure you buy plant colour temperature tubes (around 5K to 7K; instead of the marine bulbes - 10K and upwards).
Another possibility that may help you is that of T5 Power Compacts. These compresss the high output of T5 into a shorter length to really pump up the lighting potential (a 12ish inch tube will give 18W) and increase WPG.
And if you really wanted to go hell for leather though, you can have a lot of fun with Metal Halides. They can cost a bit, but if you are into DIY you can get all the bits offof Ebay dirt cheap (cost me £70 for two complete setups) and as well as giving the tank a fantastic amount of light they create a fantastic shimmering effect on the water and below which really gives the tank a fantastic feel. However you do have to deal with an excessive amount of heat from the halides if you place them in a hood. Mine managed to heat the water up to over 31 degrees C before I stopped using them (Will fit them in the new hood for the new tank).
HTH
Andy