I don't think this would work if you want to raise the fry in that tank as well. The baby fry need less lighting (just enough to see the food). You also need to feed them live rotifiers until they are big enough to eat live baby brine shrimp. The flow would be too strong.

This setup would be okay if you left the parents in too breed on a piece of live rock or clay pot. then relocate the babies to a different holding tank (5 - 10 gallon with a sponge filter and bubbler).

Why not just make it into one large fuge and have a frag rack in there?