Pond dye is supposed to be as safe as food coloring which we all consume every day. Soda has it, snacks have it, ect.
I just tried the bacteria for the first time this year and I think it made a big difference. The down side was that the clarity went way up and the deep sunlight created more filamentrous algae for a few weeks. After using it for a month it levels off as it removes more nutrient from the water.
I hope the long term effects will be beneficial.