Well I hope your oscar is hungry, because convicts produce A LOT. Here's what I'd do:
Stick the breeding pair in a 20 or 29 gallon, make sure that one of the fish has longer fins than the other, as that's the only way I could ever tell the male from the female. They love spawning vertically, horizontally, etc. so if you put a piece of slate or a large pvc pipe in there, they'll breed on it. Run two sponge filters and do water changes, feeding twice or thrice a day. They'll spawn, and once the fry look more like fish and less like larvae, pull them out into a growout tank of about 40 gallons. The parents will probably spawn a week later...rinse, and repeat. Oh, and make sure to keep up on water changes, bare bottom tanks are your friend here.
I accidentally spawned a pair, and they never stopped breeding. Ever. With a super deep gravel bed, I'd end up needing to do weekly 90% water changes to get all the gunk out of the water...hence why you should get sponge filters, and use a bare bottom tank.