If it's white "Texas Holey Rock" it originated in the Caribbean Sea and will be fine as a base. If the Rock is red in coloration it's volcanic and can play hell on the PH as well as PO4 and salinity as the elements leach.
Saltwater bacteria are different species and therefore don't culture in the same way. I can't explain the ins and outs of why it doesn't work the exact same way but it just doesn't. Nitrifying bacteria grow anywhere they can and therefore would populate the live rock but it won't yield an environment where denitrification can occur as far as I'm aware.
It would be curious to see how efficient a FOWLR - freshwater tank would be in biofiltration.