To a very rough approximation, organic tissue contains about the same amount of nitrogen and phosphorus (on a dry weight basis) regardless of the source.
So, if you want mangroves to remove all of these nutrients from the tank then the plants must grow at a rate about equal to the food that is added to the tank (minus that which goes directly into growth of other things like fish and corals).
Since mangroves grow rather slowly, they take up relatively few nutrients compared to macroalgae that grow much faster. Can they grow fast enough to remove all excess nutrients? Sure, if you have enough of them for the amount that you feed. The question is how much you need. That will of course vary by tank, but it is unlikely that a single plant or two will keep up with a decent sized reef tank (IMO).
OTOH, macros in a refugium can. In my case, they supplement a skimmer, but together they drive the nutrients way down. Under the same lighting conditions (which haven't been intentionally optimized for either mangroves or macros), the macros in my system take out far more nutrients than the 2 small mangroves.
[ November 07, 2001: Message edited by: Randy Holmes-Farley ]</p>