Another thought to consider is what do the corals in your frag tank want?
Some corals may thrive with this "dirtier" water where as some my really dislike it.
I think that for corals (even sponges) the feed heavily on suspended matter this may be an ideal situation and could even see increased growth rates, all that water flow should keep matter suspended and if you have a spot where debris accumulates, it'll be easy to clean up with a bare bottom.
I did a similar project in a big overflow box and kept things it is that needed heavy feedings of particulates, (dendro, tubestria, sponge, feather dusters, featherstar, etc) and did far better with them in that situation than I did in my display. I literally did nothing to directly feed them and got awesome growth. Palys & zoa, did really good too.
Joel