Im an art student with a fair amout of experienmce in ceramics/glaze chemistry. You havn't revealed how much experience you have with ceramics, but I have some serious questions/critique on what you're planning. Here are some points both information and questions I thought I should make:
1. Clay is made up of alumina and silica. when it is fired to vitrification (becomes completely nonporus) it is chemically identical to glass. Overfired clay will actually turn into a glass puddle. It will not harm the reef. Also, your clay contains trace/no calcium. calcium is an ingredient that fires at high temperatures (mostly cone 6 - 10). You said you were low firing.
2. You mentioned earlier about only bisque firing the clay. You simple can't submerge non vitrified clay in water and expect that it won't fall apart. I'm thinking you'd have time within a few years tops before it was rubble and dust. Check some other sources to verify this. Maybe a ceramics teacher at a nearby college can say for sure.
3. As I read throught this post earlier I was cringing while watching you build ceramic structures over your PVC setup. Are you using a specialy formulated clay? From reading your post it seemed like you were using earthenware or some average clay body a potter would use. Such clay will shrink 7-10% after firing, thus no longer fitting your structure.
4. Realize your shapes will warp slightly in the kiln. The only way clay does not warp is if it is low fired, thrown on a potter's wheel, or cast as a liquid. All the pieces you've interlocked may not fit so well together after firing.
I would recommend you work with a stoneware (cone 6-10), which you would fire to vitrification. This will stand up to immersion. You need to take this stoneware, liquefy it and make it into a thick slip (molasses thickness). Next, soak a lot of paper in water overnight and the next day put it in a blender. This will make paper pulp. You mix the clay slip thoroughly with the paper pulp to get something called paper clay. Add as much pulp as the clay can hold while still holding itself together. Now you have to dry out your paperclay. When mixing it up make the mixture as dry as possible so it'll be back at working consistency faster. Probably dump it out on some garbage bags or something (more surface area = faster dying back to working consistency. After about 12 hours or a day ot'll be dry enough to work with. Now make your forms. When you fire them to vitrification you will have strong, very lightweight forms, that are very porus (they will actualy do what liverock does). Also I wouldnt try to make interlocking pieces, just rocks you fit toghther afterwards. Interlocking pieces just aren't going to come out right.
Hope that was informative. Good luck with your idea it'll be alot of work.
By the way. You can make alot of rock and take it to a college or place with a big gas kiln and pay to have it fired. This will be way cheaper than firing your little electric kiln a bunch of times. For that price you might as well buy real LR (in guessing 30$ each firing).