Just from reading the description, I wouldnt use it.
I dont see the point, if you have live rock in your tank.
I think the amount of Nitrate it would reduce would be minimal and in a sandbed system it would be useless. I think a BB system is based off removal of detritus before it breaks down to prevent most Nitrate from forming and w/c take care of both systems extra needs.
I agree with Ben, looks like it is just a stoney bio-ball substitute. I don't think that it is a nitrate "remover" resin, using a chemical process, but rather just a substrate for bacteria to colonize, like your live rock....
