bigtoe, I recently (4-5 months ago) completely redid my tank (new rock and sand-none of it live), I added a bag of aragalive sand on top of the base sand and I also used "Cycle" in the tank. I did this because I had 3 fish and a couple of mushrooms/polyps that I had no where to put during the cycle. So, I used these two things (aragalive and cycle). It seemed to lessen and quicken my cycle. I really never saw any stress in the fish, etc. and they lived through it.
I did do water changes every three days or so for a couple of weeks. I do not have test kits, so about twice a week, I would take some water to my lfs and have them test it. I have had these three fish for several years and they were in good condition. I have since recently (about 3 weeks ago) added a fourth fish. All are doing good.
I do not necessarily think everyone should do what I did, but I had no choice. So, I think that using livesand will give you somewhat of a little jump on the cycling process.
Frank