I can't think of an idea much worse than that, to be honest. Short of dumping in some bleach, this is about the best way I can think of (at least potentially) to really screw up an aquarium.
The idea here stems from a GROSS misinterpretation of Redfield ratios and nutritient stoichiometry in algae. First and foremost, Redfield ratios apply to marine phytoplankton, not necessarily to benthic reef algae. While marine phytoplankton average N

ratios of 16:1, benthic reef algae tend to be closer to 30:1. However, among different algal taxa and under different conditions those ratios can and do vary from 8:1 to over 45:1. Redfield's genius was in explaining how and why nutrient levels in the deep sea have the 15:1 ratio that they do--phytoplankton populations over long periods of time and including thousands of species come out to a mean ratio of 16:1. Their cells are the primary source of N and P to the deep sea. With a bit of denitrification, you end up with the 15:1 ratio observed. If the N

ratio in the tank water (and these are molar ratios, not mass ratios) is higher than 16:1 that DOES NOT mean that the algae in the tank are P-limited. If the ratios are lower than 16:1 that DOES NOT mean the algae are N-limited. They could just as easily be light-limited, or Fe-limited, or grazing-limited, or limited by all sorts of factors.
As I said, this is gross misapplication of some very interesting and very relevant ecological theory.
Chris