This is true for certain plants, however you will be asking for trouble if you have a diverse plant arrangement. Most plants like plenty of nitrogen, and when you start playing with the low end of nitrogen dosing you can get in more trouble than it’s worth. Some notable red plants are AR, and Ludwigia red that do not require nitrate limitation to get nice and red.In order to get plants red, you induce a nitrogen deficiency. I've never done it, just read a little bit about it. My understanding is that it can be a bit tricky. Dosing an all-in-one fertilizer will definitely not get you the same results.
Sorry, I don't have anything on the SB reeflight other than what's on their website.
In terms of lighting a 40B, I have the Twinstar S and love it. Great colors.