Seems sound. You may want to think about how big that plants root base will be after clipping 100 clones over time from it. That 5 gallon bucket reservoir may very well just get stuffed to the brim with root mass over that period of time.
You'll want to be sure your air stone inside of it doesn't get smothered out by the roots, then not being able to effectively "bubble" the water. I'm sure you can just put a strong enough air source with one round air stone and it'll do the job, but it is something to consider once you grow a plant in there that size/long.
Food for thought.