>...they are already seeing coral growth slow around the world due to overabundance of co2 in the atmosphere....
The reef is a complex system, and it is almost always wrong when you read a simple "A cause B" reasoning. If you do more reading, you will find the interaction between CO2 in the air and it multipath effect on coral growth. All in all, you will found a bunch of very bright people, but none of them agree with anybody else.
You may find that some say that the green house gas increase the acidity of seawater, cause a higher concentration of calcium than before. This, in conjunction with higher metabolism rate due to higher temperature, cause faster coral growth.
As mentioned above, you can accomplish the same effect by using air stone and air pump (watch for nasty salt creep...) because the solubility of oxygen in seawater is much lower than the concentration of O2 in the air. Why would anyone want to use pure O2 is out of my comprehension, even if all the risk was addressed.
It is like using solid nitrogen pellet to cool your fish tank. It works, but why?