should work great, i use a very similar system with a 100% success rate and normally see new growth with in 1 week. I just use a 3 gal rectangle tote with a place to sit my air pump on top. it can do up to 8 clones atm with space for the pump guess i could get more but i never do more then 3 or 4 at a time neways.
i normally dip my cones in root gel when i take them then mix a very small amount of rooting powder into the water, then 4 days later i add a very very very light nute mix, and when i say light i mean light, like 1/100 mix or so just enough to encourage it and keep the current plant thriving.