Wow! I must say- that was quite the welcome! This community seems incredibly supportive- thanks so much for all the advice and replies!
Based on all that was said, I'll sit tight, keep testing, and be patient. One important thing that I forgot to mention was that the guy at my lfs cured my filtration media in one of his established tanks for 2 weeks before giving it to me for my sump, so i think that might make a big difference!
Tested parameters today and noticed that my ammonia has gone back down to 0 (tested twice to make sure it was correct). So i did some phantom feeding to see if there's a spike over the next couple of days and how quickly the spike is taken care of. Will grab a nitrite test kit tomorrow and check what's happening on that front too.
I'll keep you all posted! Thanks again and happy reefing!
T