I'm not sure what you're specifically trying to make. Definately not a wetdry so I'm not sure what the drip plate is for. Your media will always be submerged so you don't need the drip plate. The media will grow bacteria while underwater but not as efficiently since the water won't be as highly oxygenated as in a wet dry. Contrary to your apparently belief the airstones won't oxygenate your water much more, a good flow rate or putting a powerhead would do just as well by circulating the water.
If you want a wet dry you'll need to run your water level lower (you usually want 2/3 of the media exposed), in that case the drip plate will cause the water to cascade over all the media which is partially exposed to air allowing plenty of oxygen for efficient growth of biological bacteria.