If it is electronic then there is probably nothing you can do.
If it is a magnetic ballast the capacitor may have gone bad. If the top of the capacitor is bulging or cracked then it is definitely bad. If you have a multimeter that can test capacitors, you can completely remove the capacitor from the circuit and check it to see if it's within it's specifications. This is what regulates the current and if it's capacitance is out of spec then it could allow more current through than the components can handle causing them to smoke. I believe the capacitor is also necessary for proper bulb ignition and if it is bad then the igniter may not be able to start the bulb and it will just flicker.
I would guess that the igniter is good since the light flickers when you turn it on. To test the magnetic coil, you use a multimeter to check a bunch of things. There is a website somewhere that explains how to do this.
I decided to try halides on my new tank instead of t5's and bought a used setup for $30 in unknown condition. It output way too much current and was melting the bulb contacts and the sockets in the light fixture because the capacitor was out of spec. The seller gave me 2 more identical ones for free and luckily one of those had a good capacitor. I only found a couple of places that sold the capacitor I needed and they were in the UK. If I had to buy that it would have doubled my costs.
In any case I would suggest just buying another one. I saw a 250W halide with t5's on here the other day for only $50. You may also be able to just pull all of the inards and replace them with new ones with a kit like this: http://www.ebay.com/itm/Robertson-175W-Metal-Halide-Ballast-Kit-4-TAP-CMH0175H04932/121115821541
Edited by millsu2 - January 20 2015 at 12:13pm