After looking at images on google it does resemble the Condylactis except it's white, I assume thats where the bleaching comes into play. When I purchased it at one of my local fish stores it was labeled sebae (guess I won't be gong back there.)
As for the algae problem, it is going away fairly quickly with my recent skimmer purchase. I believe my sand sifting starfish has passed as I havnt seen it recently. I seached for it everywhere except deep in the sand for fear of causing to much commotion and releasing all the excess nutrients that the sand holds.
I have four power compacts for lighting currently, I am in the process of upgrading to mh but having trouble locating one that will fit my tank.