I forgot to mention... I'm currently running crushed coral in all my filters to buffer my water to about 7.6 PH. This should be ok for the GT right? I've read different profiles for the GT. Some say 7 - 8 and some say 7 - 7.4
I think this setup is pretty good by most people's standards. I personally keep 1 Blackbelt Cichlid (12") and 1 sailfin pleco (about 9") in a 150 gallon tank, but your setup should probably work out fine, as long as you are willing to perform weekly 50% water changes. Good luck with it.