Setting Up My First Tank

BL, that'd be great. Where do you live roughly? Just curious. I'm right on the edge of Birchmont, just south of the BSU campus.

Also, I would add the sand and algae after the cycle, so they don't just get killed off, correct?

Cycling - a favorite topic of mine, and vitality important to understand. What you are doing is kick starting your bacteria and de-nitrification potential of your live rock and your live sand. If you want to watch the process take place, test your water daily and write down your readings, ammonia will begin to rise, this is a good thing at THIS point of your tank set up. Let it keep going up, [ignore the horrible looking shrimp, Cammie is wise to tell you to put it in a nylon stocking, (make sure you have removed the woman first haha).]
As the ammonia readings keep going up you will notice your nitrates will begin to rise after a few days. Another good sign your cycling is going normally, then your nitrites will begin to rise and your ammonia readings will begin to level out. After about a week and a half (this time will vary with temps and water quality and I cannot tell you when to remove the shrimp, but you WANT a good STRONG first cycle) you can remove the shrimp, and do a 20% water change.

Keep making your readings. Sometimes you will get a secondary bump with a lesser cycle. This is a good thing too, do not be alarmed. Usually this is as a result of your live rock "coming to life" and a bit of a die off and then as the bacteria proliferate and begin to consume the dead bio matter your water quality will improve.

So you are into your 3rd week now. You KNOW for a fact because you watched your good strong first cycle, and now your water parameters should return to zero ammonia, zero nitrates, and zero nitrites. You know your bacteria is growing and multiplying, but still not strong enough to support the bio load of fish yet. You may start to see some other life sprouting, snails or copepods, that amazed me with live rock what would grow from the seemingly dead rock.

Good to do 10-20% WC (water changes) weekly, and right before adding new fish.

After a month you COULD introduce a hardy first fish. This is not like fresh water, don't buy 6. The bacteria are not strong enough to support them, and they will die. My first fish died. I waited another 2 weeks and that damsel I still have. Clown fish are actually very hardy but more costly than damsels. Add fish one per week for weeks 5-8 then wait a month.

Please do not short change the initial cycle.