Yeah, Like BWD said, you can flower your plants just fine with the MH fixture you have. It seems to me that the HPS does a better job in the end, but until you get the cash to do different, that light will suffice.
But like Smoke and THG said, you have to make sure you get the plants situated to get the best use of the light(or cut away the reflective cone and make your own reflector from mylar covered panels), and you have to make sure you have good ventilation so that you remove the heat buildup from the light and ballast.
If you have any mechanical and electrical knowledge and ability, you would be best served to take the light apart and remove the hood, and separate the light socket from the ballast. That way you can connect a longer power cord from the existing wires in the ballast, to the light socket which will allow you to hang the light pretty much any way you want, and have the ballast outside the grow-space so that you can keep the excess heat from the ballast from building up in the grow-space.
I use Reflectix in my cabinets as it has mylar and lots of dimples to break up the hot spots. Its the same stuff from which they make the car dash covers that you put in the windshield to keep the sun from cooking the inside of the car. You can get it in2', 3' and 4' high rolls and make any kind of shaped hood you want by stapling it to a wood frame.