It might depend on how much paste you'd be using? You'll have a very high localized pH (which is probably what would kill the algae). This will also induce CaCO3 precipitation (and/or possibly Mg salts too). Are there any corals near the rock? I'd move them. Can you get the rocks in question out of the tank? If you can, you could do this in a separate container and really raise the pH
with NaOH.... kill everything on the rock, but still be safe to put the rock back in the tank. Or if you can't get the rocks out, try it on a small section of algae as a test, see if it works. Is there any way to just cover the algae with another rock, plastic, ect to starve it of light?
BTW, I've never heard of doing this as method of algae control.
(how was the lake? you missed a good meeting)