Wow, already some great advice. Thanks!

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I am wondering why you are putting in check valves since your pump is up hill...

Don't wonder too hard, because I have no idea what I'm doing... I just tried to read several others' threads about aeration and piece together some of their ideas, but I myself know basically nothing about plumbing, pipes, airlines, etc.

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Can you post the curve?

I'm looking at rebuilt pumps on ebay, so for most of the listings I'm not 100% sure of the model of the pump. If I dig up better info, I'll try to track down the pump curve.

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You do not have to bury the line ... Unless you might hit it with the lawn mower

You say that as a joke, but the way my Dad likes to mow half way up the mountain, there may be no safe mower-free zone haha.

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I'm not sure about the cost difference, but a lot of folks use the flexible underground line instead of PVC pipe

I have to run 700' of airline, and those air hoses (even the cheap PVC ones) quickly get really expensive once you get larger than 3/8" diameter (with 1/4" fittings). Though admittedly, I think that 3/8" air hose would be much easier and quicker to install than the PVC pipe. My concern was durability on that cheap PVC hose and the air volume.

Is it likely that a 3/8" hose would be enough to run 700', and then push air down through about 25' combined depth of water to power 2 diffusers? Or would that most likely generate too much back pressure?

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Condensation will be a problem.

I had seen before that you were struggling with endless condensation issues. Since my pond is smaller and would probably be fine with just 2 diffusers, do you think using a Y-style fitting on my PVC pipe as the splitter might be better condensation-wise than a manifold? I'm just thinking maybe the softer angle and more volume inside might do better than having several tight 90-degree bends inside the manifold, though I suppose I'd still have a couple reductions after that Y where it could collect and freeze up.

I'll try to summarize all the advice here so far to make a revised plan (let me know if I missed something):

My Planned System - Version 2.0:
- A rebuilt 1/4 or 1/3 HP rocking piston pump (sourced from ebay; according to seller, it's rated at 3-4 CFM and up to 40 psi; pump to live inside tractor shed)
- Pressure gauge
- T with pressure relief/pop-off valve
- Fitting to connect pump (1/4" outlet) to PVC pipe
- 700' of 3/4" PVC pipe to be airline from shed down to the pond (not buried, for now)
- 3/4" PVC Wye (Y) fitting
- 2 x 3/4" to 3/8" reducer
- 2 flow control valves
- 100' of 3/8" PVC airline, weighted with DIY concrete & wire weights (for diffuser in maybe 15' of water, near dam)
- 50' of 3/8" PVC airline, weighted with DIY concrete & wire weights (for diffuser in maybe 8-10' of depth, closer to inlet)
- 2 x check valves right before diffusers
- 2 x 8" diffusers