I've been toying with this concept for about a year now.....I think that the concept has some real merit. The biggest obstacle for most reefers is that they will need to have easy access to the rear panel of the tank to keep the rear panel as free from algae as they keep the front panel.....or risk dimishing the illusion. In your case, I think your light source is a tad strong for a natural look.
I've been toying with a single T5 bulb above a sheet of deep blue acrylic.....but, I'm not there yet either. It really doesn't take much light to create the illusion....but, too much light can cause it to look fake. I haven't found that silver bullet material yet.....but, I'm leaning towards some sort of artist painted dark acrylic to create a more realistic look (the reflections are unacceptable to me). Good luck on your project. I look forward to see how it turns out.