Hey Pauly!
Perhaps the reason you haven't gotten any replies yet is because this is a hard question to answer without knowing a bit more information, such as:
How large is your tank (gallons/liters)
What is the Kh of your water, in the tank, after a few days since your last water change?
How much crushed coral did you add to your filter? (out of curiousity, how did you add it? All at once? A little at a time? this may be something to watch for a couple days if you have done so recently)
How much wood are you planning to add?
Where did you get the wood from (e.g. from an LFS, directly from nature, etc...)?
Are you changing the water you are soaking the wood in often? If so, how often? Is the water still clear when you just before you change it? If not, how 'dirty' does it look (e.g. like coffee, like tea, etc...)?
In short, depending on some of these variables, the addition of the wood and/or crushed coral could have anywhere from a lot to no affect on your tank -- but it should also be pointed out that if the pH change is done slowly, there is little to no risk from keeping your cichlids in a tank with a pH that is not entirely within the range of Lake Malawi. In fact, I have been keeping mbuna in my house on and off for a few years now and I never buffer the water, which has a pH of around 6.8 to 7.2 (from one tank to another, not one day to another) and haven't been able to see any negative affects from doing so....I have even had quite a few batches of fry of various sorts so this shouldnt become an issue if you are looking to breed your fish; based upon my experiences.