Trying to find out if I made a mistake. I have a 85 gal. tank hooked to a 1/2 hp pump. Cycle time is over 7 minutes before pump comes on and five minutes before pump shuts off.

At the very worst, you put more money into the tank than you needed to. What is hard on pumps is too small of a tank resulting in frequent, short cycles. If it is working Ok, quit while you are ahead.