What size tank are you running this on?
If it is a smaller, nano sized tank, this wouldn’t be much different from running a chaeto reactor on a larger tank. Granted, the blue color is less ideal as it will reduce the light intensity, but I do not see why it wouldn’t work.
The light intensity is not the only lighting factor that is important. The spectrum matters as well. Chlorophyll utilizes light predominantly in the red and blue spectrum. Keep a close eye on the growth during the first week or so. That light might not provide sufficient intensity in the proper spectrum. If you are having issues with growth, a plant bulb might help. A plant bulb would also be a more efficient use of electricity as you won’t be crating light that the cheato is not using.
Most algae (typically the non-desirable types) are very adept at outcompeting higher organisms when there is a nutrient imballance. They can take hold when one of the macro nutrients is deficient or near barely detectable levels, when higher organisms are struggling to sequester these nutrients. The algae can assimilate nutrients from other source under these conditions that the higher organisms are unable to utilize, or are unable to utilize at a rate that is fast enough to compete with the algae.
Dinos are very adept at assimilating nutrients under conditions where algae struggle. They are able to out compete algae in the same way that algae can out compete higher organisms. When nutrients are barely detectable, or one nutrient is deficient, the dinos are able to outcompete algae.
When nutrients are raised slightly, but not out of control, and are in appropriate ratios (working on figuring this part out), higher organisms are able to out compete algae and dinos, minimizing their impact.
From what I’ve seen so far, when people try to completely strip the water of nutrients, the dinos start taking off and utilize a different growth mode where they clump together utilizing mucus to shield them from light that is too intense. This is when they start smothering corals and really causing problems.
I am working on dealing with this myself. I have between 5-10ppm nitrate, 400ppm potassium (people tend to ignore this as it isn’t a waste byproduct, but it is one of the macro nutrients required by higher organisms), and non-detectable levels of phosphate (my old kit was indicating high phosphate, but undetectable nitrate, the opposite of what I am dealing with). Nitrate and potassium are at ideal levels, but the phosphate is far too low and is what I believe is driving my dino issue. I am starting to take different filtration methods offline to raise the phosphate and hopefully allow me to outcompete the dinos with cheato (I still need to grab my microscope from storage so I can verify that it is indeed dinos that I am dealing with).
Chaeto is good at outcompeting dinos and other less desirable forms of algae, but if your water is stripped clean, the chaeto cannot outcompete the dinos.