I used 2 bags of the super fine aragonite-oolite stuff on a 55 a couple of weeks ago.. I spent hours rinsing it, and still never really got it very clear. I ended up buying a 75 and put it in the 75. I needed more sand, but this time I bought 2 bags of live sand and put that on top of the fine stuff. I gave a very light once through rinse on the live sand. The stuff has worked awesome. I will never buy the super fine stuff again. Every time you go to vacuum or move anything in the tank or even fish themselves will stir up nasty thick clouds and really trash your water quality, which can harm or even kill your fish. It will be very difficult to deal with. I would not recommend it.
I can't answer your other questions, but my tank is 2.5 weeks in now, and just with live sand, bio boost and some very very good established Live Rock, I have tested the water every single day and haven't ever detected a trace of ammonia. It's had fish on it for a week.