I built that exact setup using the screw on regulator that came with a brazing setup from 30 yrs ago, and a bronze airstone. Worked great, but can't judge effectiveness yet, 4 batches still in carboys. 3 were pitched from starters, and were active within a few hours, the 4th was a direct pitch with yeast from the local brewpub givaway, and it took 2 days to start, but jumped to life once it started. Hoping to cross O2 off my list of things to do better. The first goes into bottles in a few days.
Northern Brewer released this same setup with SS air stone a few days later. My direct cost was under $10 for the bronze air stone. I had the tubing and regulator.
An upgrade I plan to do is to use a rigid tube on the stone so I can easily push it to the bottom, and swirl too.