Hmm...you should really try to replace it with a quality plant light. Hagen Life-glo and triton bulbs are both very good but quite expensive. I've also had good results with power-glo's, although they make the tank appear somewhat purple.
I think the peat does help to draw nutrients into the substrate but I could be wrong. I know it's generally recommended to only use a very small amount of peat and bury it at the bottom of the substrate.
If you have a decent filter you probably don't need an aerator at all. Flourish Excel is probably a good idea. Gravel ferts definitely won't hurt. If you want to save some money, you can buy jobes for lush palms and ferns. They are about $1 at wal-mart for a year's worth easily.
I think the peat does help to draw nutrients into the substrate but I could be wrong. I know it's generally recommended to only use a very small amount of peat and bury it at the bottom of the substrate.
If you have a decent filter you probably don't need an aerator at all. Flourish Excel is probably a good idea. Gravel ferts definitely won't hurt. If you want to save some money, you can buy jobes for lush palms and ferns. They are about $1 at wal-mart for a year's worth easily.