That's how I did it.
I put in the rock and saltwater, waited a few days and tested phos. My rock didn't leach any phos but if it had I would be able to deal with it easily using lanthanum chloride, which is much more effective than water changes or gfo. After a week or so I was confident that there was no phos issue, so I addded sand and turned on the lights.
If you are using food to cycle, like shrimp or pellets, that will add some phos but not enough to really skew the tests. Ammonia won't.
You need a proper phos test for this. The API one doesn't read low enough numbers to be any use in a reef tank. I like the Hanna ULR phosphorus checker personally.
Another benefit to this method is you can do your aquascape in a dry tank. Get everything set up how you want it before adding water. This is far easier than curing in another container and trying to place the rocks while keeping them wet enough not to kill the bacteria. Especially if you want to secure the rocks with rods or cement.