I would not worry about them eating their fry the first time. I know it is hard to wait, but you will have another spawn soon if everything is too the pairs liking. I always chalk the first spawn up as a trial run.
One thing to make sure of is that you don't have the temperature of the tank above 80 after the fish spawn. The warmer waters will trigger the fish to spawn sooner. Once they are ready to spawn again, they eat the current batch of fry. A. multispinossa (Rainbow cichlid) have been known to be able to spawn in 10-14 days after their last spawn!
Rainbows are good parents in that they try, but they do not have as much control over their fry as say Cryptoheros. In the wild, they spawn where there are not many fry predators present. So what you have observed (a big uncoordinated cloud of fry) is the norm for A. multispinossa.
Finally, I would be tempted to add another pair. The drama that unfolds with a group of rainbows is so fun to watch. There is an awesome article written by Paul V Loiselle that details some of the behaviors if you are interested.
Sorry for the long post, I love this species.