Spanko is correct, raising Magnesium is for the treatment of a specific hair algae: Bryopsis. Kent Tech M is the only one that is proven to work. I had to raise our mag to 1600-1700 to rid my 180 of it. I raised it up slowly from 1250 over 10 days and once at the desired level, we held it there for a little over three weeks, then slowly backed off. No ill effects to corals, fish, inverts, other macro algars or equipment, but it certainly was expensive to do in a 180 over a month!
I have heard of high alk for algae control, but only in fish only or softie tanks because LPS really can't handle high alk levels (nor can SPS), especially over an extended period of time. I think there probably is some truth to it. Any time that I've had high alk, my caulerpa and sausage macro (have no idea what the real name is, they just look like tiny green sausages) starts to just "melt."