Calcium and Alkalinity will both affect coraline growth as well as light and flow. Phosphates and nitrates need to be kept low as well. If you meet these conditions coraline will grow fairly quickly.
As fas as the biological activity it should not be diminished by the coraline because most of the activity takes place inside the rock.
It will help with algae control to a point. I have found that the green and brown surface algae tend not to grow on coraline.
I dont think that the coaline itself does much for filamentous algaes.
It seem that good coraline growth conditions are also unfavorable to some fibrous algae like hair algae.
So by meeting the needs of the coraline, a happy coincidence is you will also be lowering the amounts of things that other algae need to grow.