I think two factors are important when setting a lighting schedule.
One ...its vital to establish some sort of day/night cycle. Corals are much like any other life form and need a stable cycle of day/night...activity/rest.
Second is that the cycle you establish needs to remain somewhat consistant. I know I can get rather un-pleasent if my days and nights are suddenly reversed...or if something disrupts my normal routine.
Most reefers probably keep a 8-10 hour lighting schedule.
You also wanted to know if reducing lights can reduce hair algae...yes it can...the algaes need lighting in part to survive...and a reduction of lighting for a short period of time combined with other practices can help reduce/control unwanted algaes. But reduction of lighting alone will not solve a persistant algae problem.