Is this montipora capricornis? These monti's are fragged by cracking pieces off it's plate. Of course, do this only if you know what you are doing. The plate itself is said to be very fragile, I would leave it alone and let it re-encrust the old skeleton. As for the bubble algae, I would take it out, as it will probably bother it in the long run. It's funny you bring it up, I removed a small algea bubble a day ago, popped right off without bursting, it was kinda hard in feel. I would take it off and pry it gently and dip the coral afterwards.
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30g reef tank, CPR CY192 filter w/ DIY plumb running Rio 17HF return, Coralife 3x 9w UV Sterilizer, 3 24W T5-Helios 10K Daylights/3 24W T5-Helios Blue lights, 2 Logysis blue meteor light strobes (moonlights/24 Blue LEDs).
Tiger tail cuke, asst. snails/hermits, asst. feathers, rainbow acan,zoos,shrooms,bubble,galaxea, asst. shrimp, 2 ocellaris,mandarin,zebrasoma xanthurum,pink-spot watchman,red-striped pistol. | 
Plate Coral 
