lps tissue recession

I recently picked up this hammer and have found that it is receding. Do you think there's any hope for its survival? Do you think an iodine dip would help?

I am in trouble. Had a thriving tank up until I did an ICP test and noticed phosphates were out of control at 2.1ppm - ended up dropping it to 0.3ppm with phosguard over the span of about 50 days, and some type of process in dropping the phosphates seems to be killing my LPS. Tank is a year and...