Ive used Iron sand in my tanks for like 6 months or so now. It is an inert sand so you shouldn't have any problems with TDS, ph, hardness etc. I didn't, nor has anyone I know who uses it. So you should be all good for it :) It does suck to clean though... Had a black hand for a while there :D haha.
Just be careful in the deeper spots as it does compact a little, however I never had issues (up to 3 inch depth in my tanks). It is a great sand as its heavier than other sand like play sand for example, this means you can plant and scape and so on without running a muck of floating sand in your tank.
Be careful with your algae cleaner if its one of the magnet ones, the iron sand will attach to the magnet as some people have found out the hard way.. Personally, I've always used razor blades to clean my glass.