In the early days of miracle mud, someone actually did an analysis of the stuff. It is a mix of high organic content dirt and quartz gravel. No miracle, but, as DrBegalke mentioned, a slow release fertilizer and a good substrait for a lot of little critters.
Want miracle mud, mix a little muck in with your sand.
On keeping macro algae out of your main tank, the best way is a good herbivour. This is a hard thing to find for smaller tanks as most of the really good herbivour fish are quite large.
I don't care about algae in the main display because my seahorses like it.
Fred