Don't know if anyone else has mentioned this but are bubbles technically required for this system to work or are they there just to create water flow. If the latter is the case could this not be achieved more accurately with a power head and wide outflow facing vertically upwards?
Is there not enough co2 in the water for the algae to grow anyway. It is well known that bubbles do not directly oxygenate tank water because they are not in contact with it for long enough, would this not also be the case for co2?