First, I'll give a couple of unsolicited advice, and please note that I don't mean to be harsh at all. We are all learning here. The following is just my opinion:
a) That cycle product, the last time I heard, actually has bacteria that brakes down ammonia and nitrites but just the wrong type of bacteria: one that will never be able to self-sustain in the tank, therefore the need to keep adding this product periodically. Cycling a tank properly -and I have cycled all my 12 tanks fishless with ammonia solution- will spare you a lot of hard work -e.g. daily partial water changes for weeks on, and time -4 days is my record with a fully seeded filter and substrate, 13 days the longest so far.
b) Each ick medication available will handle the problem but just not when you see ick cysts in the fish. Ick has three developmental stages: the cyst, visible as tiny grain of salts, is actually not treatable and is likely, if severe, to kill fish (I have lost some precious fish to it). In the first two stages, ick is vulnerable and here is where the meds act. Also if you have a mild infestation, raising temperature and aeration for two weeks should do the trick, even better if you do thorough substrate vacuum and almost total water changes for a few days but remember that doing this latter part, might upset your bacteria colonies.
c) The only safe levels for Ammonia (and also for Nitrites) is zero. Fish exposed to ammonia that is not lethal, and survive, may -or not- suffer some long term consequences. Since you are cycling with fish, then daily partial water changes to reduce ammonia and nitrite concentrations are a must. When it comes to Nitrates, it changes with the type of fish. -e.g. Oscar fish can take 25ppm easily (not ideal though) but even 15ppm could easily wipe out some delicate fish, as Penguin Tetras or Fire Rasboras, and then one of the most delicate of all, the Discus fish needs nitrates to stay at 5ppm or below.
d) keeping pristine water in Oscar tanks is a challenge, and something most of us aim at. Filtration that is enough for other settings -e.g. community tanks, will not suffice. You seem well informed here.
d) You might find someone trough this forum, or other, willing to adopt the fish of your friend. Getting a 80gal tank still falls short for keeping two Oscars in the same tank but could house one of them and a few tankmates as you get a 6footer tank later on.
Your questions:
1. Pacu are huge fish as you already discovered, personally I would return it unless I had a Monster tank (800-1000gal) or adequate pond. They also are schooling fish, so they do better when in company of other Pacus, which demands even more volume of water. I would go one step further and return the Pleco as well and focus on your two young Oscars.
2. I don't think any filtration system will manage to keep up with the growing bio-load you have; it may as it is now. I just don't see it. I mean, 55gal for one Oscar and not another fish is strongly suggested in this forum. Your two Tetra Whisper EX-45 should do the work. I would either reverse the UnderGravelFilter flow, or take it out entirely to have more room for water. I would consider keeping that 55gal tank bare-bottom, for ease of cleaning.
3. I would address the ammonia levels by partial water changes, even if more than one is needed daily. On the other hand, tampering with pH, specially bringing it down could be risky. As a rule of thumb although acidic/soft water might be ideal, slightly alkaline/medium-hard water is preferable if pH is stable than lower but likely unstable pH. Don't get me wrong, I do tamper with my pH in some of my tanks but I have done a lot of reading around and experimentation, even inducing a pH crash. My source water is 7.7 or even more (unpredictable mixture of City water and well) and by using Indian Almond Tree Leaves (18 large size, replaced every 2 to 3 weeks, for free year-around in my street) and by placing several driftwoods I keep my Oscars' tank at steady pH 7.2.
4. I believe you already have fish for your 55 and that 80gal tank. Hard to tell. Maybe the Jack Dempsey and one Oscar in the 80gal? I don't know if that would be asking for trouble. I would skip the Red Devil, it could get really nasty with other fish.
Remember this is just my opinion.
Pepe
Santo Domingo