Yes. If it gets too high it drives something else down....forget what it was...maybe alk. Balance is key.
If you think your corals seem to be short on calcium but you're reading around 400, check your magnesium levels. Magnesium helps make calcium available for use.
Yes, but no. Calcium doesn't have much in the way of chemical side-effects, so over-dosing to a point that you hurt something is pretty difficult. I've left a doser on and brought my Ca level up to about 700 ppm. The only perceptible side-effect was brighter SPS color and a growth spurt. I wouldn't do that on purpose, however.