My lady is a waste water engineer and she's saying finer bubbles transfer much more oxygen to the water than coarse bubbles. She's unsure if bubble size effects water circulation to a large extent, but is saying the surface area of many bubbles is far greater than the tank's surface area for gas exchange. The issues with finer bubbles are more back pressure, increased electric costs, and loss of air volume with more stress on the pump.
She did say a waterfall like my wet/dry sump would be better. Or, an even more effective option, a propeller churning a water/air mix (I'm thinking protein skimmer setup) would be significantly better given a high enough flow rate.
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