it depends on your plants; some get nutrients from mainly the water, and some from their roots. then again, fertilizer tablets wouldn't hurt
the problem with fine sand is that, in water, it tends to pack down really tight. this can make it hard for some plants to push their roots through. however, as with any rule, there are always exceptions...i've seen quite a few beautiful planted tanks w/ sand substrate.
give it a try, see what happens, it just might work out