Yes the compressor should work, but you'll have to reduce the pressure and flow to what your diffuser will handle. The feeder might work too. If it's a directional feeder, that's best, but a rotary game feeder will work as well. If the feeder is placed on shore or a dock, you'll have to make a baffle that will direct the feed into the pond. Any bears in the area? They like fish food as well.
Orc AP made a tripod to hold the feeder that sits out in the pond where the bears can't get to.
I know you might be tempted to feed generic feed store fish food, but Purina Game Fish Chow is good, the higher protein (based off of fish, not another protein base) works even better.
