Steve,
I would think the sand would have small holes in it from volcanic gases. These holes may be microscopic but could be large enough for bacterial colonization in a DSB. I don't know that the resulting surface area would necessarily be larger than that produced by the pores in aragonite. In general, the more surface area you have, the more bacteria you will have. That's how bio balls work. Their shape is designed to maximize surface area for basterial colonization. This is pretty much all theoretical I would guess. You wouldn't have any way to measure bacterial colonization on a hobbyist level.
I have read that volcanic rock is not recommended for aquarium use because of toxic, heavy metals present in the rock. However, I would think a few thousand years of surf beating on the sand would leach out any water soluble metals present in the sand. Most of the volcanic rock you see in LFS is man made "pumice" and not of volcanic origin.
Gary
Gary
125 SPS, 75 gal. LPS/softie reef, 9 gal. Nano