LED lighting advice

Hey guys, I've only recently started up with growing and have decided to switch over to LED lighting since my space cannot be vented easily and the heat from the Metal Hydride lighting pushes my space to 32c/89f and 95% RH. I have switched to a LED fixture which has done wonders: down to 25c/77f and 85% humidity (still getting a dehumidifier to manage humidity).

Now, my real question/issue is that the lighting I bought was rated as 1000w with a power consumption of 190w +/-5% and being the guy that I am I tested its actual wattage and it is actually only using 140w to power the 1000w fixture. Figuring this was an issue I contacted the seller and got a better one for the same price. This one was posted as the same thing (1000w 190w consumption) but it still only consumes 160w.

These fixtures are "no name" as far as I can tell (Hollandstar) but have amazing reviews, is it an issue that the fixture isn't consuming the labelled wattage or am I overthinking this? I want the best bang for my buck and I'm only doing this for personal use and as a hobby So I don't need anything too crazy.

So ultimately I'm wondering these things:
1) If there's a calculation to make sure that I'm getting what I need out of the fixture, for example is there a ratio between how many watts are being used by the fixture vs. its emulated lighting wattage?
2) Is it recommended/ideal to have a VEG/BLOOM option or can both spectrums be going at the same time? (I see so many without VEG/BLOOM I can only assume its okay?)
3) My space is 3.5'x3' so I'm pretty sure 1000w is too much, is there a fixture that would be sub 200$ that would be ideal for a space like I have?

 

Cob lights I'm familiar with, but what's QB? Are there go to brands that have be tested and found to be trust worthy?

EDIT:
I've been looking around and figure 200$ is to little for what I want, I found a Viparspectra 600w reflector model for 270$ and it seems to be a more recognized/respectable brand. what do you guys think?