Getting my levels up some, actually helped my algae issues. I was having some gha issues in one tank and having some cyano issues in another tank and it is now gone in all tanks. (I have 5 tanks lol. All were low nutrient to start and all have acans). I did have one tank shoot up to .08 PO4 and some gha started to come back, got my dosing corrected and it is gone (well gone in the form of my tangs eat it before it becomes noticeable).
Somewhere there is a good post about the ratio of NO3 to PO4, but this has been debated quite a bit, so take all of them lightly as all tanks are different. Also, I need to note that I changed my levels slowly and not all at once. This allows for everything to react in its own time and not be rushed. Rushing in this hobby leads to bad things, trust me, I have been through a ton of them over the years lol.
As for less than ideal parameters, that is a matter of opinion. I have an full blown SPS tank, an all softy tank (now becoming a clam dominated tank), a mixed reef, and some nanos with whatever gets fragged lol, and they all seem to like it a little dirtier (again opinion). In reality, I do not think there is truly a set area for where a tank should be, but that's me. Think about the tanks that love 10dkh and others that run at 8dkh, but they both look awesome. There are so many things to go along with this, but each tank has its own happy medium that has to be found, and that's one of the things I love about this.
Since your tank is mostly LPS, a little on the dirtier side should be OK, even with the Nems. I have a ton of bubbles and other nems, and they do great with my parameters. You just have to go slow and see how things react to changes.