Ok... firstly contrary to anything anyone says, there is only one reason for algae... EVER... and that is excess nutrients, be they phosphats or nitrates etc. Why is this? Algae is a life form... an autotroph specifically, meaning it takes basic molecules + light and grows the energy it needs to survive and grow. In this sence, Algae will not grow in a sterile container that is filled with distilled water (or truely clean salt water), no matter how much light you shine on it. If you have to cut back on lighting to reduce algae it means that something else is wrong, and your not stopping the algae just slowing it down (algae will grow in surprizingly low light situations), along with slowing growth of any photosythetic corals you may have.
IMO the key to keeping algae out of your display but still maintain a healthier system (meaning "nutrient rich" nessisary for ideal coral growth) is to give it a better reason to grow somewhere else (your sump, fuge, etc). The best way to do this is with a algae scubber, but since not everyone has the time or skills to make one, the next best method is to grow macros (which you are doing). Inorder to maximise nutrient absorbtion by the macros you need to provide them with alot of light, and I mean alot. I use minimum of 1 CFL with reflector (regular bulb style with conical reflector) per 8ish inches of "fuge" and I place them as close to the water as possible (aka almost touching). When I make algae scrubbers, I place the lights similarily (almost touching), but get more power out of them because there is far less water between the algae and the light.
The next thing you need to do, is look at your feeding. Are the fish eating everything? If not, do you feel comfortable feeding less? Or do you have enough cleanup crew to deal with what is missed? If feeding isn't the problem you then have to look at stocking. Are you over stocked? Do you need to do more water changes due to higher stocking levels? I can't really answer these questions for you even if you give me all the info so don't ask haha, as each setup/filtration/maintence schedules are different, and I only know what worked in my tanks in the past and thats hard to translate over to someone elses system.
As for dangers, as others mentioned, yes and no. Algae is not nessisarily a problem beyond the astetic, but it can overgrow corals/sponges etc, and cause them to die out. BUT at the same time, algae can be self limiting, for example you have a spike in "nutrients" in the tank, algae will grow faster as a result, but as the algae grows, it needs more nutrients, so unless your tanks "nutrient" output continues to rise (this isn't always measurable, as algae/macros can absorb nutrients as fast as they are produced in ideal cercomstances) your algae will either start to die off, or at the very least grow much more slowly, allowing, either manual removal, or clean up crews/tangs to eat it all.
That's all I have to say on that topic for now... haha.