I have a MH and HPS in my area. The mixed spectrum is nice, but I'm thinking about going 2x MH from now on, with some supplemental red light from LED. My buds under the MH are still incredibly dense, and more frosty than the HPS. The blue light increases the plants stress resistance, and I've seen healthier plants under it. The MH also runs much cooler, allowing you to get the light closer to make up for the small difference in lumen output.
You shouldn't worry about cooling the LEDs, they run cool as it is and as long as your air exchange and circulation is on point it shouldn't be a problem.
Instead of a y split you could just run a simple duct fan pulling air from OUTSIDE the space, running it through the cooltube, and out the other end. If it doesn't come in contact with the inside air, it won't need to be filtered obviously. Then just have your main fan hooked up to your filter.
Consider using insulated ducting, as the air moving through it is significantly more quiet. It is larger, and more clumsy to work with, however.