Hi There,
I have kept these guys in the past and breed the odd mouthfull as well.
I would suggest that that size tank would be ok for the fry but not for that many adults. They are supprisingly big fish and need their space.
They also need reasonably good water quality so I have to say the bigger the tank the better. Redwood always had nce Tropheus and often can get a few different vareties.
Well thats how it was for me anyway.
HTH.
Navarre