I've done some smaller things and they work but it takes a bunch of time trying to grow things big enough for most fish and you need to produce a lot of algae, like a gallon a day. I would suggest you look into copepods, parvocalanus seems to have the best growth rate but the smallest size. Also grow brine shrimp to full size. Mysis shrip are as big an item as you can grow and its nice having live mysis but the best way to grow volumes is feed live baby brine which you might as well just feed the fish at $70 a lb for eggs.
The system could be built but return on investment begins to be an issue. I think I was looking at something like $2-300 investment to harvest a cube or two of live mysis a week not going the baby brine route. Good for special circumstances but not worth the effort for most. Part of the problem is you need 100 dry grams algae to get 10-20 grams of pods to get 1-5 grams of mysis. So forget the shrimp and just grow pods and rotifers for now. Maybe some brine shrimp too as they eat algae but aren't the most nutritious when not gut loaded, shouldn't be a prob though if they're growing. Macro algae is another good one to grow as many fish are omnivores and like certain types. There are a number of good books on growing plankton but all the info can be found online easily. Look up marine fish breeding on google and lots about plankton culture for hobbyists pops up too.