I'm going to be using the same compressor as TB, Ny and others to aerate one of my ponds. I've listed some information below and will report back with the results when the system is running.

Pond: kidney shaped, average depth 10', estimated volume is 300,000 gallons.
Compressor: Gast Model 1532, 1.5 CFM open flow, 1 CFM @10 psi
Airline: 50' of 1/2" weighted poly tubing for each diffuser.
Diffusers: 2 - FlexAir 9" EPDM rubber disc, 0.5 mm slits. Surface area 0.4 sq. ft. Design flow 0.5 - 5.0 scfm.

There is no data on turnover rate for the diffuser however, from everything I've read here I'm confident it will work.

Just a follow up: Tested both diffusers the other day. The compressor will not handle both diffusers simultaneously. One diffuser is set at 8', the other at 11'. Each diffuser operates at 4 psi and according to manufacturer's data, the compressor is putting out 1.25 cfm. I'm happy with the results.

Russ