Live rock can cycle a tank in a matter of days (if not sooner) when done correctly.

Live rock is also the best biological filtration, at least IMO. The below link explains more of why I have that opinion

http://www.reefaquarium.com/2012/wha...-of-live-rock/



Instant Ocean is not that bad of a salt mix, I know a lot of people that use it. But I would still suggest to switching to instant ocean reef crytals. That is a better quality salt made by instant ocean that has a far better alkalinity and calcium levels which will help you keep your pH stable in smaller set-ups.