I am not sure how effective that will be, I think you will still see a surprising amount of creep, and also loose out on the effectiveness of the oxygenation of the water. My understanding is that much of the bubbles effectiveness comes from the columnar movement of water, rather then the fact that you are "injecting" oxygen into the water. Therefore slowing the rate significantly would also decrease the vertical water movement, and defeat the purpose of the bubbler in the first place. (unless the purpose for your bubbles is strictly aesthetic)
In a reef or FO tank you can point powerheads, or return pumps at the surface and get enough agitation/water movement, without splashing or bubbles, to get the proper amount of oxygen into the water.
I believe that the draw for the sea horse bubbler is that most do not use rapid waterflow in a sea horse tank, because the horses would get pushed around too much.