I believe some would say it's fine to do both at the same time but personally, I prefer tackling one problem at a time cause things happen when you least expect them. If you have too many things on your plate, a chaos is more likely to happen. I assume you have fish in the tank. The mini cycle could stress the fish, weaken their immunity and kill your corals. So I'll say deal with the cycle first.
To help your tank through the cycle fast, replenishing the bacteria population is the only way. I've used Prodibio BIO DIGEST with good success and IME it can shorten the cycle a lot. Many people also use Brightwell Aquatics MicroBacter7 with good results but I've never tried it so can't compare the two. One thing to notice is after adding the bacteria, your PH will drop below the normal fluctuation. It's because bacteria consume lots of oxygen to reproduce. Your PH is already at the lowest safty range so my solution would be dosing kalkwasser. 650-IS350 suggested a good brand for you already.
A couple reasons for the choice. Dosing Kalkwasser will have short-term effect on raising the PH. So dripping it into your sump slowly at night can help prevent PH swinging down to the dangerous level. The second reason has something to do with your fish. As I mentioned before, your fish might become susceptible to parasites due to the cycle. Dosing kalkwasser can prevent ich infestation. Yeah, you heard me right. It's not scientifically proven but some hobbyist tips like high mag level kills hair algae. It's been extensively tried out by hobbyists in the country I come from with high success rate and it can even reverse a minor ich outbreak. I've tried this several times personally with success. As a side benefit, dosing kalk will bring up your cal and alk too.
To do this, drip kalk saturate solution into your sump or high flow area at night at about 1-2 drops per second for a total of 1/4 gallon for 3 consecutive days. By that time, your bacteria population should have already re-established. Then you can test and adjust your parameters using your B-ionic.