The spot dose can damage several plants (while i found ineffected water column dosing), I had the opportunity to try it in the past on Montecarlo, Rotala Macrandra and Egeria. The result has always been the loss of the treated area (montecarlo melted completely after dosing it, but my Vallisneria did good after dosing it). There are very mixed reviews, the good thing about this hobby is that what works for me, may not works for you, you can surely try it and maybe let us know how the situation evolve in future.I don't think it works "as a last resort" - if it is going to be used then preventative is the best way. It won't be a magic cure after you've already been overrun by algae.
I used seachem excel, should be the same