There aren't that many peer reviewed papers on spectrum and growth habit etc of aquatic plants; most research focuses on commercial terrestrial crops for obvious reasons. However, I found this peer reviewed paper some time ago which certainly suggests spectrum is an important factor...
http://www.apms.org/japm/vol15/v15p29.pdf
With regards algae...does spectrum quality infer angiosperms with an advantage over algae?
I think research has found that overall algae can respond to a wider spectrum of light. So, I'm guessing the answer is no; they are plants too. Good house keeping which reduces organics is probably the best weapon against algae.
What is also of overriding importance for plant health and our fight against algae is flow and distribution of CO2; the most difficult factor to optimise.
Full spectrum bulbs probably provide more than enough light of different wavelengths to achieve desirable growth whatever your goal, quality and quantity.
Fertz are easy; eutrophic dosing methods like EI effectively mean we can rule deficiencies out of the equation.