Yes. In the case of the rusting pump, I believe I was seeing some negative effects on corals which cleared up when I replaced the pump. The pump had no visible corrosion that I could see until I actually removed it from the sump, and I only did so after I got the ICPOES results back. And I definitely saw bleaching when my phosphorus was zero (concurrent Hanna checker gave me a reading of 4, which was 4 too many!)
And I just remembered the very first event that sold me on ICPOES. Iodine. When I got back in the hobby a while ago, I had some preconceptions based on my experience decades earlier. One was dosing iodine, which I naively thought was important. Commercial products tend to be fairly liberal with their dosing recommendations, so I use less out of habit. One day, I dropped an iodine dose into the overflow. Within an hour, the effect on various corals was evident. Lots of polyp and tissue retraction, apparent new severe photosensitivity to previously acclimated lights. I really didn't know what was going on, but the iodine was the obvious suspect. I sent a Triton test (I wasn't using ATI yet), and discontinued minor/trace element dosing. 10 days later I got back the result, with the glaring inclusion of an iodine level of 323, 5 times normal. And remember, I was dosing less than the recommended amount (about half.)
It is true that there are at least two hobbyist iodine test kits available. I had them, had been using them, and also tried them at the time, but neither one registered the grossly elevated level. Both tests were complete fails.