my cheato grows pretty fast as well, i pull some out every now and then and either give it away or toss it out. i would think by having the lights on a reverse cycle may slow things down a little. if you have other types of algae such as caulpera (sp?) you may want to continue keeping the lights on 24/7.
"Growing like crazy" is a good thing. The faster it grows, the more nutrients it pulls out. That's why you have it.
24/7 is fine. You can also do the reverse photo period if you want, but then it will slow down. People run their fuge lights both ways and either way is fine. It depends on what benefit you want: More nutrients pulled out or less pH swing.