I was always under the impression that MH ran hotter than HPS...anyways one thing I learned recently is MH bulbs actually increase the nutrient uptake of the plants under them, so if you go for MH make sure you keep up a good fert regimen.
Not really true. The plant growth habit is the only thing that is changed with the different lights. Nutrient uptake remains the same based on the same amount of plant mass.
I'm pretty sure you are correct when you say that pepper plants don't have a definite vegetative or flowering stage, but I do know that the type of light you use will help influence the plant under it (i.e. plants under a HPS are going to produce more than those under a MH bulb).
HPS will not produce more than MH. They will produce the same given the same conditions and light outputs.. A CFL grow or fluro tubes will do the same as well. Now the big difference with this is HPS produce more usable light than MH for the same wattage. It is negligible but the difference is still there.
I used a 250w HPS to OW some plants and that kept them producing all winter, when it came time to start seedlings I switched over to a 250w MH and it seemed to work just fine if not almost too well. I'm not sure if it's because I started seeds a bit early this year or if it was caused by the MH, but the seedlings grew up so fast that I had to pot them out early because they had used up all the nutes in the 3" containers they were in. This year I have both a 250w and 600w system at my disposal both HPS and MH so I'll experiment and see if the effects increase using 600w.
Just my 2 cents