If I consume some of that alkalinity then won't it be easier for the mash to drop the PH? I do use FiveStar 5.2 but I have 300 ppm bicarbonates, so I can't do lighter beers without dilution (Well.. good lighter brews)
Also pertaining to the original discussion I think that CaCo3 is going to add 1000ppm of acid reducing power (if that makes sense) since even if you don't have enough Co2 in solution to make two HCo3 then when you add the grains they will have enough free H+ to use up the rest of the alkalinity provided by the chalk. Of course this is only if you don't have a huge amount of chalk for the mash neutralize.
You are exactly right--if you add acid, it *will* make it easier for the malt to drop the mash pH. This allows you to use light-colored (low-acid) malts and still hit 5.2. In the days before water science, beer color evolved to match the water. It's not just that the folks in Dublin liked black beer that Guinness ended up that way; they needed the acid from the roast barley to neutralize their alkaline water. In Plsen (sp?) they could get a good pH with only pale or base malt--hence the pilsner.
So, given your water (whatever it is) you either modify it (add salts or acid, dilute, boil, soften) or make whatever beer is appropriate.
As far as malt gobbling up and dissolving all the chalk you throw in (or vice versa), that's not a given. Malt acids and most brewing salts are not strong acids/bases, which means they will not tend to react fully. When you dissolve HCl (hydrochloric acid, a strong acid) in water it gets rid of H+ like a bad habit--it dissociates almost completely, almost immediately. Dissolved CO2 (H2CO3, to make it easy) is not as strong of an acid...it will get rid of one H+, maybe. But a lot of it will hang around. If there's something convenient there to take up the H+ (like OH- from NaOH), then it will react quickly. The same thing goes for bases. CO3-- is a fairly strong base.
HCO3- is in between a kind of strong acid and kind of strong base. If there's a stronger acid present (vinegar, or acetic acid) it will add the H+ back in (and neutralize acid). If there's a shortage of acid (free strong bases), it will give up the other H+. Because this intermediate ion can act as an acid or a base, it helps stabilize the pH and acts as a buffering agent.
Phosphate buffer (the 5.2) contains HPO4-- and either PO4--- or H2PO4-. This means it can unload its last H+ if needed to neutralize alkalinity, or soak up H+ coming off your malt.