Hi Steve,
I have done this, and did it all in one night. When I upgraded one of my tanks, I didn't think there would be enough sand, so I stole from my other tank (as well as adding some new). I added it really slowly (didn't rinse, but I had just done a water change on the tank I took the sand from and did vacuum the sand at that time, so it was in relatively decent shape).
I let the sand settle for a while, and then when the small amount of gunk settled on the top, I did a small water change to vacuum that out. Tested the params, all ok so I added the rock. Waited a little while, tested again, and all was fine, so I added the corals. Messed around with plumbing, etc for about an hour, and then tested again, and still no problems, so in the livestock went.
In the end, I did have a little nitrate spike (from 0 to 5ish), but that was pretty easy to get rid of.
HTH
Laurie