Sword, I am suprised you haven't done more research.
Co2 can reach saturation levels in the water without displacing oxygen... the reason many aquarists have had 'wipe outs' is because they believed that plants like animals, only respirated one way. Aquatic plants respirate co2 in and oxygen out during the day, but at night, this process is reversed, and they become oxygen users...
The way to do it is low tech, forget all the fancy ph meters and so on, and just start your flow off nice and slow, super super slow... start working your way up until you start seeing algae form, you should do this over the period of a few months, so your plants can adapt to the new source of nutrients and out compete the algae... once you start seeing algae, back off a little, and youve found the perfect spot.
Now, you dont even need to turn your Co2 off at night, it's very very cheap to recharge, so leave it running. but at night, stir your tank with a couple air stones to keep everyone happy, put a pump on a timer, on when the lights go out, off when they come on... co2 starts building back up in the water and by 'noon' you will see oxygen saturation occur, in the form of tiny bubbles rising off the leaves of your plants, it's quite an incredible site...
makes me want to go out and set up my tank again.
Now, one thing to remember, is I live in San Antonio, with water so hard it requires chewing. Seriously... I can't even measure my water hardness with a test kit, it's off the scale... so no matter how much Co2 I pump in, it doesn't matter...
another thing to consider, is that PH really DOES NOT MATTER all that much with most fish (yes, some are very sensetive to it) but in a standard mixed tropicals tank, it does not matter. Why? When PH goes south, amonia and other chemicals start reacting differently.... they become detrimental to the fish... forming anoxic pockets, eating away at their slime coating, damaging their gills... but here is the thing, if you keep a really clean tank, and with plants, you have no choice BUT TO KEEP IT CLEAN.... keep it clean with low amonia, and the ph is secondary... it really only matters with the doozies.. like discus and arrowanas...
you wanna know the kicker? I used to have an arrowana... a beautiful silver... thinking back on it... I think it was getting gill curl BECAUSE of my water quality outof the faucet... someday, when I have a 300 gallon plus... I will get another... fill it with nice water. RO with RO RIGHT, and I will have much fun...
course... I need to do a reef system next...