Iron is important if you have it in appreciable amount. You can do a couple of simple tests yourself.
1) If your water is yellowish, grayish or brownish suspect iron.
2) If upon vigorous aeration (put some in a mason jar, screw down the lid, shake vigourously) it turns grayish, yellowish, brownish or turbid suspect iron.
3) After shaking with air, pour the water through some folded paper town in a funnel. If the towel stains brownish or yellowish/orange then you have iron and would want to have it tested to see how high the iron content is.
Phosphorous: no. If your water has any calcium in it to speak of then there won't be appreaciable phosphate. True, what little there might be does throw off alkalinity calculations (because phosphate does induce alkalinity) and I like to know what it is for a complete picture but practically speaking it isn't going to make any difference.