Although your statements make sense, mathematically, I would not run the lights at 100%. The PAR value is something that I don't think most people technically use, as most people probably have not measured their tank. I think PAR is becoming outdated too, I think. I see little about it these days on forums.
That said, the PAR value of 260, if that is what your light says, is only directly below the light on a very specific set up. The PAR value will decrease drastically as the light radiates out. For instance, it might be 150 a few inches from center.
If this was me, I would run my lights at a max of 40-50%, for just a few hour peak throughout the day.
More so, if your coral is towards the bottom of the tank, and is healthy and the right color, I would not move it. Although I am not an SPS guy, I do know that birdnest is a type of SPS that can enjoy lower lighting.
The lighting will for sure bleach corals out very very quickly. Within hours. I took a small piece of a platting coral from the bottom of the tank and placed it higher, to see what would happen, and it bleached out in a few hours.
I think the sweat spot for any coral is where it is happy. I was at a gentlemen's house that had super nice and fat SPS, super far away from the top of his tank, almost on the base of the tank...