Interested in cichlids

Hello everyone.

First some background.

I have had my 55gal freshwater tank for about 8 months now. I have kept
various tropicals in it with varying levels of success.

Currently, I have 5 neon tetras, 3 corys, 2 platy's and 1 female betta.

My water is good (no ammonia/nitrite, and currently about 20-30ppm
nitrate). PH is around 7.8 - 8.2. Tank is planted with various
artificial plants, and some pieces of driftwood to create some hiding
spots. Substrate is a 50/50 mix of regular size gravel and some smaller
sized gravel.

Now to my question.

I am interested in getting some cichlids for my aquarium, particularly
the Malawian variety. Now I realize some (if not all) of the fish I
have currently may not be compatible, which is fine, I have another home
for them if need be. But I am wondering about the suitability of the
rest of the aquarium setup for Malawian cichlids.

I understand that Malawian cichlids like a higher pH, which is no
problem because my pH (and local tap water) have a higher pH as is. But
what about the substrate?

I understand that these fish like a sandy substrate. Are they fine with
a substrate like mine, or would I need to change it to make it suitable
for them?

Regarding plants and decor, I figure I would need to get some rock like
structures to provide hiding spots/territories for males, but what about
plants? Are the artificial plants okay? What about the driftwood?

Anyways, some help would be great, as I would love to get into cichlids,
but do not want to jump in if my setup is not sufficient.

Thanks.