How much live rock is there in the tank? That's a pretty reasonable fish load, so you should be able to ditch the Millenium if you have at least 30 lbs or so of live rock. I would watch all the parameters carefully, though.
The foam filter pad does keep the powerhead clean. If the foam gets thoroughly cleaned once a week or so, it'll probably be okay, but they can cause nitrate problems. I have foam over the powerheads in my anemone tank, and hate them. They remove food from the water column and clog up. I will remove them once I put together a plastic mesh anemone guard. It's a personal choice, though.