I had grape caulerpa go sexual in my tank, it got clear and then kind of melted away to nothing. I'd do my best to get as much of it out as possible befor it starts to melt. It really reaped havoc on my tank once that happend, but then again I had a ton of it in my tank. I lost most of my inverts, but I didn't have any corals at the time so I couldn't tell you what it would do to them. I guessing it wouldn't be good though. I also got a pretty nasty cayno outbreak right after that. If it were me, I think I'd make sure the skimmer was really cranked up, run some carbon and do a pretty large water change.
HTH,