I'm sure others will chime in, but here's what I know...
- Macroalgae grows better with iron supplementation, but will certainly grow without it. The faster the macro grows the more nutrients it absorbs, but it needs to be trimmed (harvested) periodically to keep it growing and manually export the nutrients it has absorbed.
- In a system like yours with substantial nutrients, macro by itself won't do the job unless you grow tons of it
- The primary (traditional) methods for reducing nitrates and phosphates are to feed less, have fewer fish, change water more often, or add a phosphate absorber like GFO (or all four)
- If algae or coral growth problems aren't bothering you, the excess nutrients aren't that big of a problem
- Both nitrates and phosphates will come down if you dose with a carbon source; usually vodka or sugar or vinegar. There's a huge thread here if you want to see the cautions and benefits. If dosing carbon, it's important to introduce it gradually over a period of weeks, and a little goes a long way. Too much and your tank will "bloom" with bacteria and turn white (potentially causing an oxygen problem for your tank), too little and the numbers won't come down to where you want them.
- Last, from my experiences so far - it's possible to get phosphates too low; some amount is needed for coral growth. I'm trying to get mine back up to .01-.02 and am adjusting my sugar dose downwards trying to find the right maintenance level. In the meantime I'm dosing with Elos amino acids and the corals seem to really like them.