Grant,
I've used GFO for the past 4-5 years. It's very effective at reducing phosphates in the tank, but like anything else, it's best used sparingly and as needed. Contrary to popular belief, you don't want to strip the water of all phosphate, just limit it to reduce algae growth. You want water to flow through the GFO, so it's best used in a reactor, and you want it to "gently tumble". Too low flow through it might cause it to clump and trap detritus, to fast and it may disintigrate. Be sure to rinse it first though, as you will release a fair amount of "dust" and the GFO gets hot when first submerged.
I recommend starting with 1/2 of recommended dosage, and upping it if the phosphate levels are still higher than you want.