I suspect you would see some benefit, but not nearly what you would see by making your LifeReef a scrubber instead. It will still work as a skimmer, just not as well.
IIRC, the the LifeReef skimmers are venturi driven and require a large AC pump to power.
I recently purchased a
FishofHex CO2 scrubber attachment for my little system and it made a huge difference. pH was chronically low, and I was running through CO2 scrubber media about every 2 weeks. I've been using it since Mid December and I'm about 2/3rds of the way through the first canister of CO2 scrubber media, and pH is routinely up at 8.2-8.3 depending on time of day.
I just looked on his website and did not see an attachment for your skimmer. Honestly, I dont know if your LifeReef would work as a recirculating CO2 scrubber....I posted the link to the custom made version. You'll have to send in your skimmer cup/lid for him to measure and print up.
I'm skeptical of gadgets per se, but this works.
Another option for you to consider would be possibly sell the LifeReef, buy a newer DC driven skimmer, and go with the CO2 scrubber ring from fish of hex, (name is weird, but it works man...seriously. I assume the name comes from a comic book that was turned into a movie Jonah Hex? I dunno...anyway)...
The initial cost will eventually be paid back by lower energy bills from no longer needing a massive AC pump pulling 300 watts to drive that skimmer.
Venturi skimmers work, but they cost money to run...the newer DC options are punching above their weight and drawing more air at the top end AND can be dialed in exactly right for your tank's needs. Plus you save money long term.
Just a suggestion