small fine bubbles only when the algae is in the light, or just before it goes into the light, small bubbles will become traped in most cultured zooplankton (rotifer/brine ...) this isnt a problem for algae you want the small bubbles so that they do not race up to the top and pop, if they do you are just wasting your co2. if you have a recirculation pump or 4 in your phyto dose the co2 into the input of the pump, use a bubble counter though so you can visually monitor the feed rate.
you wont have any extra co2 unless you have the airstone too high in your container or the cp2 flow up to high.
you welcome the ph drop otherwise it goes way high.