Although styrofoam is fine in terms of effects on water quality, it is seldom a good choice for use inside a tank. The problem is that any form of styrofoam will require some measures be taken to avoid it floating and causing more problems. The darned stuff is so light that it will float with way over 70% of the volume above the water. Weighing it down in a suitable fashion is what poses a problem for its use in my book, not chemical interactions.