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I think you would be OK to do that. Madagascar lace is a surprisingly durable Aponogeton, if kept in the right conditions. Although you do have to maintain a fairly strict nutrient regimen to keep it happy, I don't think a few O2 bubbles are going to bother it. Of course, as with all advice I give, I could be wrong
Please let us know how things turn out. I love that species of Apo