It will kill quite a bit of your bacteria, but depending on bio load, it'll probably rebuild seamlessly (has in my experience). Will kill all corals and soft bodied inverts. Most hard/shelled inverts should be ok (crabs, snails, hermits, etc). In my experience all caulerpa is toast, don't know about chaeto. Most coraline will die off, but not completely. Unsure but probably wouldn't risk other fuge life (pods, mysis, worms, etc).
That's my experience and YMMV, of course. It really probably is worth the cash to get a small aquarium and an aquaclear 30 or so to quarantine. I've done hypo in my display once, and I didn't think it was worth it.
Gerald