"I was just more or less curious about why I couldn't find more people using pumps in this way over other applications."
Energy efficiency. That is mostly the answer. Especially as water depths get deeper than 9 or 10 feet. For a person starting out with nothing, the money to buy the equipment and the monthly operating costs are likely to be cheaper for using an air pump specifically designed to aerate ponds. Waste treatment systems also use the same types of systems for the same reason.
I'm all for trying to use what a person has though, and obviously you have been happy with whatever your electric bill has been (with the fountain), so that is not an issue for you. Should be no higher electric bill than you had before operating the fountain.
Keep us informed how your system works after you get it done (and even while in the process of making it work). We like pictures also, if you have the time and inclination.
I think your pump will work fine. It might or might not work as well as another different type system, but it should do what you are attempting to do with it and give you the results you desire in comparison to the fountain you had. That is what is important.
I'm no expert at this, by any means. But I can tell you I have read a lot of the archives and there are some good old threads that talk about the advantages of moving water with a water type pump instead of air, and where they excel and how they are best used in the applications where they work best.
Good luck and keep us informed.