The best answer anyone can give is maybe. The production of magnesium chloride leaves a lot of heavy metal contaminates. These trace contaminates can be very bad for the tank. Even pharmaceutical grade reagents have some level of contamination. With a product that hasn't been tested, no one will know what level of heavy metals are there. So the best anyone can tell you is maybe.
I know there's a desire to save money and DIY things, but the commercially available and tested safe reagents aren't that much more expensive. You have to decide if that peace of mind is worth a few dollars.