Sponges are great get one rated for a 125 gal. Its larger and will hold more beneficial bacteria.
Never had a penguin but the bio wheels are used to house the beneficial bacteria. So its up to you. If you have some $$$ to burn look at aquaclear 110's they are.my absolute favirote hob. Holds allot of media and foam pads.
Add some tetra safestart to the list infact get two of the larger bottles. I think its like 10 or 12 bucks i dont remember.
Remember your gonna be starting the system like brand new so their wont be any bb to convert the ammonia. When all set up go pick up some Dianes.
Get an api master test kit too. Probably the most important tool in your arsenal. You'll need it during the cycling process and test once a week while your fish are growing to see if your changing enough water. Also its the first thing i do when a fish gets sick, dies or whatever...when in doubt twst the water lol