As Randy already told raising alkalinity now could cause problems like burnt tips or basal tissue necrosis in SPS. In LPS it can also cause problems but usually they are more unspecific like contracting tissue, exposing skeleton, tissue loss and finally death of the coral. Somehow high alkalinity seems to enhance phosphate limitation of corals.
The problem in removing nitrates is that it is difficult to remove nitrates without removing phosphates also. Every organic carbon dosing removes both, nitrates and at least some of the phosphates. Removing nitrates when phosphates are low can cause phosphate starvation of the corals.
I´d rather recommend to feed a food to the fish which is high in phosphates to get the nutrients in balance. But before doing this you have to make sure that your testing is correct and that your test kits show correct results. So at the moment it is best not to do too much and do everything very carefully.