Tank dying in tank - extent of damage done would depend upon the size of the clam and the volume of water it is in. In a large system definately not.
In a small 29 gallon nano reef I would bet you would end up with water quality issues. As for feeding, They are filter feeders and yes they have zooxanthelle living in their tissues. ie They cannot survive on either alone.
Filter feeding doesn't always mean straining out phyto or zoo plankton. It is believed that tricanid's actually absorb ammonia/ammonium, nitrites, nitrates, phosphates, directly out of water. However, upon feeding my system I occasionally see a bit of food go into a clam and never have seen it pushed back out through their siphon.