How tall is the tank? (Sorry, my math skills aren't working all that well at the moment when it comes to figuring out the dimensions / volume of an irregular shape.)
In short, yes, a 400w MH will provide more intensity than 320w of PC. There are factors that ultimately influence that though (bulb, reflector, ballast, height off the water).
The more you raise a MH off the top of the water, the less intensity is reaching the bottom of the tank. Yes, a single MH could be raised high enough to cover that entire tank (more or less), but the amount of light reaching the lower portions of the tank would be small and defeat the purpose of having a MH set-up. Also, there would likely be a noticeably amount of light spill over -- the MH would be lighting the walls and floor around the tank, too.
Generally speaking, a single MH provides roughly 24" x 24" of coverage. For a tank under 24" tall, 250w MHs (or less depending on actual height) are commonly used. For a tank deeper than 24", 400w MHs come more into play.