One big issue is pressure differential. First off, you need check valves on both incoming lines. Second, if the pressure from your O2 side is much higher than the pressure from the CO2 side, none of the CO2 will enter the line.
I am considering a T to an airstone, with a timer based system. During the day, the air pump will be off, and the CO2 solenoid will be open. At night, the CO2 will shut off, and the pump will turn on. This is for a 29G tank that will be using DIY CO2. On the bigger tank using pressurized CO2, I will still have the O2/CO2 switchoff, just not sharing an airstone.
Finally, the CO2/O2 mix (if you are running both at the same time) will bubble straight to the surface - very quickly, since any CO2 that gets dissolved in the water will immediately be carried to the surface in the current, and outgass into the air.
One or the other at a time, not both.