From the presence of cyano in the tank, I would bet you have a very low nitrogen environment, which is great for corals, but not good for macroalgae, especially the Caulerpas. Lack of growth supports the idea that they are not getting enough of what they need - nutrients. Cyanobacteria tends to pop up in tanks when nitrogen levels drop so low that the plants/macro cant compete. They are capable of some mechanisms that help them do this.
Honestly, pull the Caulerpa, look for Chaetomorpha. I think the lighting is likely just fine if you're using T5's, macros should fluorish under that amount of light, but only if you have enough nutrients to support their growth. The thing with Caulerpa is that if the nutrients run out, they sporulate.. their method of trying to find a better home, and can crash the tank.
Pruning Caulerpas.. best to twist the rhizoid (the long strand) and then pull a section off. But this is only if you have a steady rate of growth.
I actually havent heard of using maracyn for a cyanobacteria problem. I hesitate greatly on using any medications in my setup just for algae warfare, but to each his own. Maracyn may have a negative impact on your biofilter though, so I'd be super careful. You dont want to effectively sterilize your LR and LS of all kinds of bacterial colonies.
I hope someone chimes in on best cyano-ridding strategies because my methods may not work well in a full blown reef. (What I do: up flow, siphon all of it you can see, get the fuge going, and feed your fish more so that the system isnt starving for nutrients and the macro can keep cyano from popping up again. Be careful not to feed tooo much though,

)
>Sarah