The main difference between T5 and T12 is the power consumption versus the total light output. A 40 watt T5 bulb has more light output than a 40 watt T12. A 40 watt T12 bulb is in the neighborhood of 2200-2600 lumens, a 40 watt T 8 is about 3000 lumens, while a 54 watt T5HO has 5000 lumens. That is almost twice the bang for the buck if you can afford the initial investment. Also the T5 has a life of about 15,000 hours while only losing 5% light. The T12 has a life of 9,000 hours while losing 20% of its light output. This lumen output is at less than 1 inch from the bulb. IF you move the bulb to 6 inches you lose almost 25% of the intensity.
I use T12 lighting for my seedling stage. I have T5 for my growing stage before I put them outside. I have succesfully grown peppers under both T12 and T5 and there IS a diffenence. They WILL both work. However, an HID setup far exceeds the possibilities of fluorescent lighting. A 400 watt metal halide bulb has an output of 35,000-40,000 lumens. I have a 4ft 8 bulb T5 that uses 432 watts for a total of about 40,000 lumens. The T5 will only light what is directly under it. The MH has a much larger footprint and can be raised further away from the plant without losing as much intensity.To sum it up an HID setup is the most lumens per watt of electricity used and the light is much more intense at any given distance.
You need about 3000 lumens per square foot to achieve full growth of the plants and pods.
I hope this helps with the specifics!!