I've had great luck with H2O2 dips. I dip all new incoming frags in a 50/50 H2O2 mixture. I've not tried it on some of my expensive SPS yet (just haven't gotten any new ones in a long time) but have done softies and Zoas.
For bubble algae (
Valonia ) I will remove the rock in question, manually remove the bubble algae, then do a dip in 50/50 H2O2 to hopefully destroy any spores that might have been released. Also my method of manual removal is coating each bubble with Super Glue GEL and then remove the whole mass as one. If it's a really large specimen you can usually carefully remove it by hand but do so OUT of the tank just in case.
Here is what a LARGE one looks like (This was behind a rock in my 90g tank)
