Yes chaeto and other algae will take up the same nutrients so having a macro algae compete with the nuissance stuff is a good thing. If that is enough will really depend on your input though.
Since my inputs are quite high I use several approaches to limit nuisance algae:
- no old light bulbs
- skimmer
- biological filtration (biopellets in addition to LR)
- media reactor for phosphate reduction
- herbivores
- refugium with macro algae
- water changes
- keep calc levels adequate (to favor coraline algae)
- keeping alk levels adequate (phosphates tend to precipitate at levels over 8dkh)
- limiting unnecessary inputs (watch for supplements containing phosphates, etc.)