Pressurized co2 setup advice needed

Hello, Im looking for some advice on running pressurized co2 for the first time. It looks like I can have it up and running for about $130. I have to keep the cost down. An expensive dual stage reg is out of the queshton at this time.

I notice that most use bubble counters and drop checkers but have also read that they are not really needed. I want to make sure I go about this correctly so here is the plan. Im gonna open up the needle valve just a little and just keep upping it slowly even if it takes a week and check how my fish are doing every hour while its running. Then I will back down slowly rite when I notice my fish hanging out at the top needing oxygen. I want as much co2 in the tank as possible without gassing my guppies.

I have check valves and silicone tubing handy so all I need is -

Mix Max co2 reactor - $15
http://www.drsfostersmith.com/product/prod_display.cfm?pcatid=24117

Aquatek PB Regulator - $90
http://rover.ebay.com/rover/1/711-53200-19255-0/1?icep_ff3=2&toolid=10001&campid=5338187531&icep_item=230840227751

CO2 Paintball Tank 24 OZ - $20
http://rover.ebay.com/rover/1/711-53200-19255-0/1?icep_ff3=2&toolid=10001&campid=5338187531&icep_item=181123278943

Am I missing anything ?