Probably long past this but I would replace the MDF. If you are not going to I would try to coat it with an oil based paint or finish. IME oil based seems to hold up much better on all my fish tank stands and breeding racks (all saltwater though).
For the foam, people seem like they were spot on. I used 1" foam under my glass 520g saltwater reef and it barely compressed at all. This is with a 1200 lb tank and it full or water.