Ahh, but you said it right there: POTENTIAL algae outbreak, but it didn't happen, did it? So your tank was probably managing whatever levels of P you had anyway, IF they were even that "high". For starters, I would have gotten something better than API for testing, at least Salifert.
For me, when I rebooted my tank, I used lanthanum CL to bring my levels down to near zero so I could have a clean baseline again. My PO4 was 3.0+ on Salifert (and I use salifert because it's economical for me since I test alot). But my PO4 see-sawed for about a week+ (bound up in substrate), and I tested every 12 hours. Once my levels hit between 0.00-0.03, I used 1/2 the amount of gfo to see if I could maintain that 0.03+ and still fed modestly/heavily. I actually only recently went back to the 1 tbsp/10 gallon recommended amount, and my PO4 is still 0.10 the way I feed.
We all know GFO can strip water pretty quickly of PO4, so you'd have to really monitor it, which is why it's easiest to use about 1/3-1/2 the amount first, test the effluent of the reactor, replace when needed. To ME, it's good for helping to NOT allow my PO4 to get over a certain amount (0.10 for me), and PO4 may never really manifest as a problem in an established tank. Some reefers run it from the get go (why?) because of the algae seen during a normal ugly phase or because they think they need to maintain near 0.00 levels.
To me, it's a tool to help keep my PO4 from going above 0.10 ppm, not to strip the water down to 0.00 all the time.