Yes, if done correctly. If you already have a big skimmer for your tank, great. Then, I would use vinegar instead of vodka, IME it is safer and will have no chance for cyano outbreaks like vodka does. There should be an awesome thread in the reef chemistry forum about this.
When I dosed vinegar, nuisance algae growth slowed, and colors, especially on euphyllia and acan lords, had that extra POP that they didn't have before. Growth was slightly increased as well, if I stayed up on water changes/dosing. If you dose too much corals will bleach, and you may get a bacterial bloom in your tank when you start or stop dosing carbon (i.e. a white film in normally low flow places).
