What type of algae is growing? What does it look like (if it's cyano - it is actually a bacteria)? Algae need a few things to be happy....lighting, nitrates and/or phosphates (the main components). You have better lighting now, so that is contributing to the increased growth. Did you have some algae before the change in lighting? As far as the bubbles go, they are probably a product of the algae respiration. If we can determine where your excess nutrients are coming from, then the algae will settle down.
Good news on the SPS coloration!