Hi,
I used to do the same as what you are planning to do when I worked in a factory. I hooked a pressure sensor to a tee on the air line and connected it to a data logger to measure the height of water in a tank. I originally tried to control the rate of bubble formation using a pressure reducing valve. The problem was that the flow rate varied with the depth of the liquid and I could never get a stable air flow rate.
I ended up using plant air at 110 psi through a ball valve.
Get the smallest ball valve you can find, shut it and connect between an air compressor and your tube. Put the tube into the liquid and slowly crack the ball valve open until you get the desired flow rate (bubbles/second). If the liquid level changes it shouldn't affect the flow rate as the supply pressure is so much greater than the variation in back pressure and the pressure drop change across the valve ( and hence the air flow rate) will be trivial. If you want to monitor the liquid level then put a tee in between the valve and the tube and connect it to a pressure gauge.
Trying to get a stable air flow by setting the pressure will not give stable operation.
Regards,
Alan