Ubasst, you do not have too much live rock. Keep an eye on the readings and you should see the ammonia drop further. It sounds like you are getting close.
The "white" stuff you are seeing is your coralinne algae bleaching out. The largest reason could be your lighting. What is the spectrum? ie; 6500k, 10,000k. 50/50?
Another reason could be low calcium. I kinda doubt this, but it could hapen.
I would like to see a hardnees test and a calcium reading. I also run my SG at 1.025. But hey, people are all over on that.
Also, what tank temp are you running?
GL