If I had to start from scratch it would be a really tough choice as I really like both cichlids and community tanks, but since you've already got fish you need to accommodate, I would put most of the fish into the 125 as a community tank and use the 55g as a cichlid tank. Here's my thinking behind that idea:
1 yellow lab - Unlike most of your other fish, this guy really should be in hard, alkaline water. He's also mainly an herbivore but as you're probably well aware by now cichlids are eating machines and will eat whatever they can get their fins on. Add in their particularly nasty attitudes (though yellow labs are among the most docile of the African rift lake cichlids) and you've got a group of fish that really do better in specialized cichlid tank setups. You could set up a really nice Lake Malawi tank in the 55g with some more yellow labs (and possibly a group of another species of Lake Malawi cichlids). The tanks aren't difficult: just sand or crushed coral for substrate, heaps of rocks (even limestone is fine) for decor and hiding places and you're all set.
1 blue convict? - This is kind of your "odd man out." Convicts won't work well with the African cichlids due to behavior differences and different dietary needs, but it probably wouldn't be a good idea to keep this fish in a peaceful community tank either as they can be quite nasty. Things get much worse when you have a pair of them but even solitary fish can be problematic in a community setting.
3 plecos - Assuming these are common plecos, they really need to be in the bigger 125g as these fish can get to 18+ inches. They can sometimes get territorial as adults and are huge waste producers so keeping three of them even in a tank as large as a 125g long-term might not be so easy. If they're a smaller species, though, they'll probably be just fine.
2 giant danios - Should work just fine in a community tank long-term and will really appreciate the six feet of swimming room in the 125g. These are schooling fish, though, so I would recommend getting more of them. At least six would be good.
1 Bala Shark
- These lunkers can grow over 12" long and are schooling fish so you should get some more of them if you can. A six-foot long tank (i.e. your 125g) is pretty much a minimum size for these guys as they're large and active. They're not especially predatory but as they get bigger they will eat smaller fish (i.e. your cherry barbs). They are nice looking fish but they just get so darn big.
2 parrott fish - These are a "maybe" in a community tank. Some have kept them in communities with no problems but I've heard of them eating small fish and they can sometimes be aggressive. As far as I know most parrots are sterile but the two could potentially form a pair and try to spawn anyway, which might increase the aggression factor. Keep an eye on them, for sure, and be prepared for issues.
2 others that i cant remember the name of - Any way you could describe these or, better yet, post a picture of them for identification?
Two cherry barbs - Totally docile community fish. They do really nicely in groups of three with one male and two female. Once you have six (two male and four female) you'll see the males really start to color up once they start competing for the females. They're pretty small, though, so they might be potential food items for the balas and parrots once those fish get some size on them.
5 clown loaches - These also get quite large (over a foot and sometimes larger than that) but are slow-growers. It's good that you have them in a group as they prefer that. They're pretty good community fish although they can be quite enthusiastic in their playful behavior.