Here's some info for those interested---
An excellent read on algae nutrient uptake. In the early 2000's Caulerpa was the the dominant algae of choice for Sps keepers. No one had issues with limiting factors, as can be seen in the article it does a more balanced job for what a tank needs than chaeto.
https://dspace.carthage.edu/bitstre...on - Senior Thesis.pdf?sequence=1&isAllowed=y
I don't know if gracilaria is the same as the red algae you all are talking about but it's a better candidate than chaeto keeping a balanced ratio as well.
If you go and look back at a lot of the TOTM most algae filters had a mix of various macro algae.
Here's a table showing some of the trace metal uptakes from algae. These are some of the elements reefers seem wanting to dose now a days if you don't do water changes. The algae is competing with the corals for these elements.