The MGOCPM has been used by a lot of people with good results. I recently tore down a tank that had used it, been set up for about a year, and just set up another tank using it.
It's fine by itself under a cap. No real reason to add kitty litter - all that has is CEC, which soil also has. No real reason to add peat, there is already likely peat in the MGOCPM, or if not, composted bark/humus/whatever that is close enough.
I just do a real simple set up - sift and then wet the MGOCPM earlier in the day/the day before to give it time to aborb the water.
Put the MGOCPM in the tank, put a cap on, spray pretty heavily with a misting bottle (helps wash the fines down so your tank isn't cloudy on filling), plant (while misting periodically), fill, and start your fishless cycle.