The white fuzz is a fungus and will go away. Ottocinclus or Plecostomus should eat it. Alternatively, you could just boil the wood to kill it, but either way it'll disappear in time.
As far as algae goes, I suggest getting more plants in there ASAP and/or reducing your photoperiod. Are you running any type of CO2? You should probably at least DIY CO2 and a reactor to start with.
Welcome back to the hobby