BoomSage:
1) IMO, live sand is not essential since the LR is the main cycler. Also, since you barely will need more than 5lbs, it would be a waste to spend money for a 20lb bag. It CAN help things go faster, however, you could go with regular aragonite or other sand. Borrowing a handful from someone's live tank would be even better (supplies copepods, amphipods, etc).
2) No consensus on proper temp, but, most people try to hang in at 78 degrees.
3) S.G of 1.023-1.026 is considered acceptable, but, many people with invertebrates (corals) push it to 1.025-1.026. 1.025 was the most popular choice on a recent poll at nano-reef.com. That's where I keep mine.
4) You can add as many corals as you want but, corals have compatibility issues. Some send out sweeper tentacles and need almost 6 inches of room around them (eg, elegance coral). Some secrete some toxins, eg, zoanthids. Others have height and water flow issues. You want to research them carefully. Some are expensive and if they die, will pollute and quickly crash your tank as well as, er, sting you in the wallet. I highly recommend that you buy Borneman's before adding your corals:
http/www.amazon.com/exec/obidos/tg/detai...=books&n=507846
Overall, ricordia, mushrooms, leather corals and zoanthids are good beginner corals and don't have very high lighting requirements. You could start there and work up to the complicated stuff. Good luck. SH