I have done this but it is not effective, for two reasons. The pH will rise, and significantly, but the GH is not affected. You need to increase the GH in order to effectively increase pH, and for fish that require a basic pH they also usually need moderately hard (or harder) water, so the two go together. The GH is the more important of the two because the mineral in the water is essential for the internal physiology of the species.
Second problem is that crushed coral is calcium, but to increase GH and pH effectively for fish you need calcium and magnesium, and dolomite or aragonite provide both. I have used these as a substrate for hard water species. However, you have to be careful because you can raise the parameters too much. There is a lot to sort out when fiddling with water chemistry.
First you need to know the actual GH, KH and pH of your source water. Once you/we have those numbers, you can work out how best to raise the GH/KH/pH.