In the past, a slower flow was recommended. However, more recently, some research seems to indicate that a more moderate flow works better. As Krish mentioned, keeping the Chaeto "ball" tumbling, helps it to receive better light, which seems to help it absorb nitrates better. Nitrate reduction is the primary reason for using Macro Algae, in our refugiums. Another real reason is to have a place for micro-fauna, such as amphipods, copepods, mysid shrimp, etc. to be able to grow and reproduce, without the fear of predation. These "pods" then make their way into the display tank, through the return, and help feed our tank inhabitants.
The use of a Deep Sand Bed (DSB) in our refugiums, also helps to reduce nitrates. However, a DSB isn't really going to work, if using a HOB Aquaclear, as a fuge. The HOB Aquaclear, used as a HOB fuge, is really easy to do, and will work well for growing Chaeto. However, the Chaeto won't really be able to forum a "tumbling ball," since space is limited. It'll more than likely grow into a block, the shape and size of your Aquaclear chamber...lol. I did this exact same thing, on my first reef tank, which was a 29.