You will want to get the live rock in sooner rather than later. There is often die off during transport and that will result in a cycle after adding the live rock.
Really fine sand such as sugar sand will settle in after a short while. The really fine particles sink to the bottom of the sand bed and then it doesn't kick up too bad. And because it will be the heavier particles that do kick up they settle back down quickly. But there are lots of substrates to choose from.
As far as flow goes 10X water turnover per hour is generally considered the minimum. So for a 46 gallon tank 460 gph would be the minimum.
Canister filters are generally considered to be nitrate factories, meaning they can cause high nitrates if not cleaned often. Most people with a reef tank remove the filter media and only use the canister for flow. The live rock will be your filtration.
Good Luck!
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