I don't know how it would work with a regular diffuser. But, I did order a few of the membrane type diffusers. I will hook them up in a couple weeks and see how they work.
As for cost, I really couldn't say. That would be hard to measure. I also know that my rig is not that efficient because of the length of air hose I am running. From my garage (where the air compressor is) to the center of the pond area where the bubbler is, I have about 200' of air hose. I just wanted to try it to see if it would even work. Since it is working I'll probably get a smaller portable compressor with just 2-5 gallon tank(s) and run wiring down near the pond and run that one. I'm not in a hurry right now with it. I just want to get the pond aerated since it has been in such bad shape so long.