I haven't used LC in years, but when I did it was in the sock. I think the sock is ideal because then you're catching all the precipitate. The directions on the box may assume that the tank's filtration or water changes will remove the precipitate, that may be a fine way to do it too, I'm not sure.
Phosphate at 2.7 if accurate is high, it's almost certainly coming off the rocks. I think what you may see is high phosphate for some time, and then it will suddenly drop off as what's bound up in the rocks finally gets depleted. I'd watch for that time, that's when you'd be in danger of dropping the phosphate to zero.
You may also want to post this over in the Chemistry subform, and let
@Randy Holmes-Farley take a look, I'm sure he would have some suggestions for you.