cycling a tank generally takes about a month...I admit I was anxious to get my (37 gal) tank started up too, I only left mine about 2 1/2-3 weeks, which is how long it took for the water to stop being cloudy. The bacteria supplement will certainly help things along. I also put live plants in there as soon as I could see through the water to the bottom of the tank. Plants can help speed things along as well. This will only cycle the tank up to a point, the real cycling doesn't generally start untill you actually have fish in there.
At the 3 week point I put 3 zebra danio's in there (after getting the water tested) and left them in there for about a week and and a half before putting any new fish in. Most people will tell you to wait a 2 weeks to a month (depending on the person and their experiances) before putting new fish in after the 'cycle' fish. I was actually planning to have the danio's in my tank so i wasn't specificaly using them as a cycle fish (there is mixed opinions on using fish for only that purpose). The best cycle fish are the more hardy and less expensive fish that you are planning on using, if you use the most expensive fish and something happens, thats alot of money down the drain. The ph and amonia levels can change alot in the first month as the bacteria establishes itself. Its the same when you add alot of new fish at once, so it is recomended to only add a few fish at a time and wait a couple weeks in between. It took me a little over a month to finish stocking my tank.
As for your stocking options for your current fish, cory's are pretty good fish for just about any community set up, though he might be lonely, as they like to be in groups. With the bichir, you will want to consider how big he (and his mouth) will be at his full size. They are carnivours and will try to eat anything that will fit in its mouth, with possibly the exeption of a pleco (almost everything ignors them).