I would think either could be a problem but I doubt we are talking a wide swing in pH. To get any appreciable effect, you are going to need pH less than 5 or greater than 8. In the end, the only thing that will determine suitability is actual testing. Now, I understand that coal slag is not hazardous as defined by EPA. It is indeed used in a wide range of applications. Here's a link that might help:
On you tube there seems to be a plethora of people who use it and report no problems even with bottom dwelling fishes.