I have this exact light on my 220G Mbuna tank. We got it about 5 yrs ago (not cheap then either) because we liked the way it looked. Bought the adjustable black legs & modified them to work with the glass canopies. The actinic (blue) lights are really for saltwater use so we swapped them out for the 50/50 bulbs. I had hoped they would allow me to grow plants in my tank but due to a tank height of 30", I had no success with even low light plants flourishing.
As of now, I am only using the 50/50 lights and I leave the moonlights on all the time, they give a nice shimmer effect at night. It is still a pricey light for your tank but it does look nice & is less obtrusive then the Perfecto light that came with the tank. I have replaced the original 4 fans with quieter ones because they were very noisy. Also be aware that the fans only come on when the front light switch is activated. I contacted Coralife by email & they recommend that the fans be on when any of the CF bulbs are on to dissipate the heat.
I can't answer your question regarding algae growth between this fixture & the T5. I have no problems with algae on this tank. My lights are on 10 hrs a day, 7 days a week. I have only had to replace 1 bulb that burned out last year.
Hope this helps.