I'm torn on how to respond on this one.
That particular canister may be overkill for your situation, but with the right media you should have a very nice looking tank. And the over-abundance of media will also reduce the maintenance needed as well for a tank that size. If anything, your bigger concern will be over-servicing the canister and causing a major disruption to the nitrate cycle, so be careful.
Since you already have it, I'd say go and use it. But be honest with yourself as the tank progresses, and if you find the maintenance being too time consuming, or neglected, be prepared to change to an easy to service HOB such as an Aquaclear 30 or 50.
I'm a bit curious why you have a cooler, and what the intent of the tank will be. I typically don't see those used too often outside of reef tanks with powerful lighting systems. Depending on what your plans for the tank are, my answers could change.