...update.
The worst is over. So far hadn't had any problem with the fish dying on me. The pump eventually ran 24/7 for two weeks even though the highs were in the range of 99-107' F. By the end of second week, the pond was covered solid with scum. (see pic bellow) It looked like it has frozen over. Last week whole that scum disappeared, mostly due to some high winds wee had. The foul smell is also gone. Currently I'm running it at night only - from 21:00 to 07:00. So far, so good.

So far I can recommend the hardware in this project to anyone in similar situation. If anyone has any additional questions, I'll be happy to answer.
I'm thinking about buying 2 more diffusers and make a square configuration (about 2.5" x 2.5") with the idea of having a wider boil, even though it won't be as intense. I want more aerating and less water mixing. So, what do experts think you think, is it a good idea?
To: Ted Lea FOREVERGREEN. My compressor is oil-less. The problem was caused by aerating at night when DO was in short supply, plus the toxins. However the croppies and the blue gills were fine, but most of my catfish is dead. I only see a few smaller cats at feeding time.
To: Cary Martin. Know a good place to buy one and how much they go for? It may be a good idea to have one O2 meter around. Thanx.