I personally did just about the same setup, but I did a few things different that made the process better, in my opinion, and the setup easier.
On putting the air lines through the cap: First drill the hole a bit smaller then the size of the tubing. Now, cut the tubing on an angle, so the end of the tubing is like so
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now stick the end of the tube through the hole and pull it, if you cut the hole small enough you'll probably need to use a pliers (or your teeth) to get the tube through. This will make a very tight seal and probably if done correctly won't need the sealant, although I used it and I would recommend using it.
Next I'd recommend connecting this line to a gang valve (for instance
this. This allows for you to do a couple things including:
- Split your C02 to multiple outputs
- Run more then one C02 bottle at once. This may not seem useful if you have a small tank, but even then it is. When your one C02 bottle begins to run low you can then mix up another, connect that to the gang valve (depending on which you get you may have to hook it up to one of the outputs and open the valve for that all the way; converting the output to an input MAKE SURE TO OPEN THE VALVE IF YOU DO THIS) and while the second starts to begin to produce the first bottle will be dying off keeping a bit more of a uniform C02 production.
- When changing your C02 bottle you can just close the valves to keep the line going from the valve to the tank pressurized, getting C02 into your tank faster.
- Control your C02 output. If you want less C02 you just crack the valve open a small amount leaking it into the room instead of the tank.
Finally I suggest (like previously mentioned) connecting from the gang valve to a bubble counter of sorts. Mine was just a smaller bottle, such as a 1 liter water. To make this you fill the bottle with some water, a third full or so it doesn't matter, then using the same process as used when making the C02 bottles you put 2 holes in the cap; now pull the tube carrying C02 in into the bottle far enough so the end is in the water, again as deep into the water as you want, and stick the tube going out to the tank in the open part of the bottle (the part without water in it).
So my setup was (stopped doing this because i stopped putting that much care into my tanks)
yeast bottle(s)->gang valve->bubble counter->check valve (i didn't actually have one but probably should've)->tank
I never could get the C02 to diffuse properly though... I should post this as an article somewhere...