But you would expect to see some nitrites at this stage of the cycle; that's why you cycle with hardy fish.
(Would have thought you might need more than 2 WMCs to cycle a tank that size, but have not done a fish cycle for 30 years, so am defintiely not qualified to pronounce on this- besides, the presence of ammonia and nitrites suggests that your tank is indeed cycling).
Can't say the proposed stocking levels look desperately high to me, though I have to admit it's too early in the morning to do the maths. I would concentrate on a few of those tetras though in larger schools, don't think you can rely on them schooling together; keeping them the way they want will make their behaviour more natural (and it would also be visually more attractive).