It has 4 levels of dimming, 100%, 75%, 50%, 25%. So no, it doesn't have TOO MUCH LIGHT. Its designed for 4x4 or 5x5. I use it on 100% power on 4x4's.
The HLG unit is actually more expensive than my light in canada.
The Cutter kit you mentioned is a DIY kit, its not even in the same category...