My guess is that not a lot would happen.
Magnesium is already available in sea-water well in excess of what most animals require, mainly because magnesium salts are so soluble.
If it was an element which played a more limiting role biologically, or something which negatively effected other important parameters, i'd be more worried.
It will drop naturally, slowly, water changes will help, but I don't think there's any need to panic about it.
Layton