Yes or no will it work? And can it work givin time?
I'm not sure what time would have to do with anything. If the stuff you used is bad, it's bad. However from experience, some play sands are perfectly fine for reef aquarium use.
Southdown used to market a play sand that Home Depot carried that was supposed to be aragonite, go to RC and do a search, there was lots of discussion about finding it. Many people used it with a lot of success. I found it, or something similar, at WalMart under the Kolorscape brand. I used it for a 3" sand bed in my old 120, then transfered it to my current 210 when I upgraded 3 summers ago. I wasn't able to find the Kolorscape then, and added 3 (IIRC) bags of CaribSea to it. Never any problems with the "play sand" I used, and $3 vs $12 or $15 was well worth it. The Kolorscape sand has been in my system since 2008 or 2009 when I set up the 120.
I also have a friend who used silica sand in a 60 cube for several years until he lost interest in the hobby. It always looked funny to me because it was translucent and under the MH lighting he had the whole sand bed sort of glowed. He never had any algae problems, to the contrary the tank was always very clean.
As for the buffering capabilities of aragonite some say you have to have... I would counter what about those with BB tanks? Can't say I've ever heard of play sand being treated with chemicals with the intent to kill bacteria, or otherwise. I'm sure that information would cause a firestorm if isn't disclosed on package.
As far as I'm concerned if you can find a nice white calcerous sand marketed as play sand it may be an economical solution. I don't know if there is anything out there as I haven't been in that discussion for several years now.