Problem i had last month when removing the co2 injection was that the ph changed to fast and to much. With some dead fish as a result. At least, i think that was the reason for the death fish. Didn't change anything else in the aquarium. So maybe better to turn it down day by day.
For the algae:
You need the perfect combination between co2, light and fertilizer. If you lower 1 of them, you should lower the other 2 as wel. With nitrate 0 you already are a bit low on the fertilizer. So the only thing would be indeed lowering the light.
Just a matter of trying what works for your aquarium. 8 hours is still a nice long time for your plants, so good one to start with in my opinion.