It would be very expensive, but in theory you could do it. A bag of crushed coral is less than 10 bucks but lasts for years.
What I'm not understanding about the coral method described on your write up is.. it steadly, slowly, raises the PH level... So you use it as a buffer to keep your PH levels at your Tap Water's PH level? but it doesn't work to raise it and keep it at say 7.0(with weekly water changes) does it? Wouldn't each time that you did a water change, the PH level would drop dramatically?