I'm a firm believer in what I said earlier.
Color wash - par cans - are the core effect needed for a dance floor. Anything else is an add on above that. Properly handled color wash can be sufficient for a basic dance.
Add in a moonflower with movement (like the relfex I mentioned) and you have enough lighting for 90% of the events that most people do.
There isn't any reason to make this complicated.
As for the traditional vs. led route, I 'sort of' agree with Thunder. Without going to a very large LED fixture, you simply aren't going to get the same amount of light out of an LED fixture that you will out of a traditional PAR 38.
But you don't have to use 150 watt floods. I've scaled back to a 90 watt energy efficient bulb that only draws 70 watts and puts out 1550 lumens of light. That is a LOT of light. Gels are cheap - I buy sheets for under $7 and just cut what I need. BTW, I get 18 gels to a sheet.
When you use traditional par cans you'll need electronics to handle the chase sequences and to shut them off. There are a couples way to make this happen, but all of them use a dimmer pack - either DMX or proprietary.
LED's are catching up and are good for basic moonflower effects, but color wash would take a larger LED par can to get the same amount of light as a traditional fixture. But if you're able to find an inexpensive LED par 64 then it might make sense to go that route.
There are some people using LED fixtures with decent results, but they tend to be more expensive than the traditional fixtures.
But I should add this. Having a fixture or two for lighting is one thing. If you want to do 'big' lighting shows, then TommyO has a great recommendation. Hire it done. Lighting is a LOT of work. I have a lot going on and lighting would just be another thing I have to worry about. I'd hire it done if I could (but I can't because there isn't a decent lighting company near me - so I'm doing it myself).