Running 24/7 on chaeto is a waste of energy, it will only process 12 hours of light. I use two 19w CFL bulbs and my chaeto can grow like crazy. They are the ones suggest by Mark Levenson. Check out meleves reef site for the link to the product.
Doing a reverse cycle is good. It will keep PH up during the night due to photosynthesis. This will keep your reef more stable if you are not dosing with limewater 24/7.
Many people run 24/7 on macro algae such as calupera. When given periods of darkness this algae may go "sexual" and spread into the main display.