Hi and welcome. The compact lights would be good if you want to do a softy tank. This is what most new people start with and even some of us that have been in it a while. There are many corals that would do well with the satellite fixture.
zoos (come in lots of colors) , mushrooms (come in lots of colors), leathers (several differant shapes) , xenia, kenya trees, colt, ricordia, clove polyps.
as for your cycle, you can ghost feed your tank to help the cycle along. put a little fish food in, wait a day, test. if ammonia showing, wait another day to see if it goes a way. You are wanting to build the good bacteria that eats the ammonia.
T
is this the light you were talking about. I just saw this light for 140.00-not bad