Absolutely! Good fixture to work with there. As far as coralline algae, it can end up being a nuisance over time. Believe it or not, calcium and "bluer" actinic light is the key to get it to grow. As long as you keep your calcium above 400, which isn't hard, and nitrates/phosphates in check, you will see coralline algae in 3-4 months. Once it takes off, it really takes OFF!
Also, if you like the coralline look and want it faster, get "Real Reef Rock". It's a new aquaculture man made rock that has a pigment in the mix that makes it purple and blue. It's very attractive and works well for a reef tank.
where's me money