I second that! freemann loves his iron supplements, and he'd know for sure.
My guess is that it is actually going to work rather nicely. From what I know FeSO4 gives Fe 2+ and SO4 2-, both of which are plant nutrients. Plants take in both Fe 2+ and Fe 3+, but ultimately prefer Fe 2+ over Fe 3+, especially aquatic plants which actually nearly exclusively take in Fe 2+.
I also know that ferrous sulfate (FeSO4) is recommended highly by a number of different sources, and many science labs prefer this type of iron over other sources for plant growth.
However, Fe 2+ is broken down much faster than Fe 3+ in water, especially in the presence of strong light which helps convert it to the more stable form of Fe 3+, so it won’t last very long and should be dosed at night when the lights are off to prolong its usable lifespan in the tank.
SO4 2- is also a necessary nutrient, so you would be dosing both at the same time. The only thing to worry about is that you might overdose SO4 and cause a toxicity problem if you dose tons of iron every day.
If I remember right, the last time I saw freemann he was dosing 0.10 ppm per night of FeSO4, though I might be mistaken on this point, he will need to clarify that.
Here is an interesting article that might be good to read: (cached version)
http://64.233.169.104/search?q=cache...lnk&cd=1&gl=us