Ime co2 only becomes an issue when your talking a densely planted high light tank... Then it's mainly to prevent algae growth... It would be fairly easy to utilize a fw algae scrubber setup if this becomes an issue. Your also focusing on your livestock not the plants... So I would be leery of wanting more co2 ... But your logic is sound. You'll just have slower plant growth and may end up with some algae growth even with utilizing plants. Drip systems are great if you can set one up... But if you can't live plants are the next best option to accompany your water changes and keep nitrates low to non existant. But you'll still want the water changes to keep your tds low. Most my tanks are high bio loads and utilizing plants has made a significant improvement to my overall water quality. Knock on wood but my retics are no where near as hard on a bio level as I anticipated.. I'm just use to dirty fish lol.
If you can't do a drip ( ATM my father won't let me or my husband tap into the water lines to do it, stinks but can't really complain) the next best thing is live plants and solid water changes.
Sorry so long winded but I've seen only benefits to live plants in my systems since I've been adding them over the past few years, and maintaining a heavily planted setup as well.
Good bio/ mech filtration
Live plants to utilize nitrates
Drip system
Stacked IMO would be the perfect setup. But 2 out of 3 isnt shabby. And IMO the first 2 are the way to go if you can't afford to do all 3. Since manual water changes are just part of the hobby in general to begin with.
The only other suggestion I would make is if you do submerged plants is add a loach to the "refugium" as snails are almost always on live plants, and a snail eater would be an asset. You can also dip or chemically go at snails.. But if you miss one it doesn't matter and I prefer to be chem free as possible.
I also know a few people who keep lungfish in their refugiums as clean up fish as well.
Also seen deep sand bed style few refugiums with black worms ect... The options are essentially endless..