Confirm the P value. Use a reliable method, like Hannah Ultra Low (or the regular if you have higher readings).
If the P is that high, then it is a definite issue... maybe not the only one, but one for sure. GFO can work fine. It can be safe, but you have to go SLOW. The water is not the only place with P, the rocks and sand will have a bunch too. In fact, if you started with dry rock, this is likely where it is coming from.
If you want to run GFO, put 3-4 tablespoons in a reactor and run it slow. Change this every few days. If you go any faster than this, or with more media, you will quickly lower the amount in the water column a good deal and then the rock will release a bunch and get you almost back up to where you were. This strong down, up, down, up, down and up is what harms the corals, not the GFO. Most people use too much or use it too fast. Small amounts and frequent changes are best to where the levels are lowered slowly and linearly.