Bill, I agree with you. Each algae species is a little different in it's nutrient consumption and once it exhausts a limiting element in the F/2 solution it will cease exponential growth, self shade, and the young lean algae cells will start to get older and accumulate more fats (like me!).
At that point it should be a densely colored culture and pH should rise, assuming the other factors were stable like ample light, temp and salinity.
I'd like to find the point of the culture just before that occurs (self shading and rising pH) and figure out some kind of 'electronic secchi disk' control new water and automate culture.
A turbidity or TDS meter could be used, a pH meter, or a photoelectric receptor that used a given light level on one side and a receptor on the other side to measure when a culture was densely colored and prevented light transmission. Kind of like the photoreceptor eye that turns our security lights on at night (and on foggy days) then turns it off in the morning.
If a clear soda bottle or clear plastic bag was used to hold the culture, the electric components wouldn't have to be immersed but may be wrapped in a ziplock bag to prevent damage from spills or spray.
So although every species is different, I think they would still tend to behave in the same way as nutrients became exhausted. They should have a rising pH and a darker color, assuming that light, temperature and salinity were held fairly constant.
Thoughts on a controller system?