I had play sand in a 75 gallon low-tech / medium-high light planted tank for many years, and didn't have any trouble - and the aquarium thrived. Had angelfish at the time, and they are finicky - would have noticed if the substrate was causing problems! I did sometimes "stir" or poke the sand with a chopstick to make sure no anaerobic bacteria built up though. I think in a heavy planted aquarium, the plant roots help alleviate any bacteria buildup. If you're wanting black sand, you could use sandblaster's sand too. Cheap at the home improvement store, and works great if you start off with some root tabs to establish the substrate.
As for plants, Amazon Swords, italian val, micro-sword, blyxa, sag grass, dwarf red lily, (I'm probably missing some) all grew great in the sand.