I'm far from an expert in such matters but can offer my experiences. I have a 120 gallon that I was running at close to 0 nitrates and phosphates since the beginning of the tank about 18 months ago. (began with dry rock) I had occasional dino and green hair issues but with extra water changes (went from about every 8 days to every 4 days for a few weeks) the dinos would go away. I once used dino-x and that cured the problem for a month or more, but they always returned eventually along with the GHA.
I went to Reef a Palooza in Orlando in April and one of the speakers talked about how running tanks that clean would only enhance algae issues and stunt the growth of corals. His advice was to just shut off the skimmer at night for a few hours each day. I did that but also added some of the stump remover that others have talked about here to bump up my nitrates. Since doing that in early April, I've not had any algae issues, (what I did have cleared up in days) my corals have grown and the tank has never looked better. I also cut back water changes to every two weeks instead of close to weekly. My nitrates are about 15ppm, though I'd like to lower them to under 10 and my phosphates barely register.
In essence all I did was take his advice and turn off the skimmer for a few hours a day and added some nitrates. All my corals became more colorful, other than one, which is still blah, but I'm hopeful. I still have frags, but at least they are encrusting now and showing some signs of growth in branching out. Some have grown more in 6-7 weeks since making those small changes than they grew in close to a year. Now, granted my tank is more mature than a year ago too, but simply turning off the skimmer and adding some nitrates seems to have made major improvements in my tank. I also went from two filter socks to one, but I still clean the skimmer cup every few days. I do have a refugium in the sump.
Again, I don't claim to be an expert, only sharing my experience. I try to keep my alk around 8.5, temp 78, salinity 1.026. Calcium stays around 480 on its own, I've never dosed it, but I do dose alk daily. I rarely check magnesium, but when I do its always well within the accepted range. Phosphates are either .001 or 000 depending on the day I check.
I also have a biocube that I never touch other than water changes every 2 weeks and the corals are bright and grow like weeds, but are mostly mushrooms and zoas. I have a couple of chalices in there that are beginning to grow. I have an hammer and a frogspawn that grow well too. I haven't tested that water in several months. I can just look and tell all is well, though I have no doubt the nutrients are pretty high in that tank. However, it only has 3 fish but some bristleworms and starfish that made their way in with the live rock. Like I said, I barely touch that tank and it just grows and grows. I don't do it as a test to compare the two tanks, I just don't like to fix what ain't broken. I tried to do everything by the book with the larger tank and found out, maybe its better to dirty it up some. I know the biocube tells me that having some nutrients doesn't hurt that tank.
Mike