Macro algae is great for reducing nitrates in your aquarium. Thats one major reason reefers use refugia. A tank conected to your display housing (optional and infinate combinations of...) macro algaes, plants, DSB's to help filter and reduce nitrates.
You can place macro in your display. Caulerpa taxifolia is a good fast growing species, BUT it runs the risk of overtaking your corals and going "sexual" or releasing eggs/sperm into your tank in effect nukeing it. IMO its best avoided. Grape caulerpa is another good alternative. "Cheato" (I think thats its common name) is also used for effective nitrate removal but also provides food for fish by helping support micro/macro invertebrates.