Here is a pic of the DIY setup I used to use... the bubble counter/gas separator is in the middle... just a rigid airline tube running from the co2 container side, and another bulkhead at the top with the airline running to the diffuser. This setup will separate out any floccuated yeast and mix that might creep up, keeping it out of your tank, as well as offer a nifty way to measure the "bubbles per second" to judge how well your mix is doing.
I never used a checkvalve on my setup and didn't have any problems, but it couldn't hurt. The only thing is you will need to change the check valve out every 6-12 months as CO2 is corrosive to the plastic, and the check valve will eventually fail.
