Its not bad as such, providing you supply them with enough CO2
Actually, using both an air pump and CO2 unjection would be a total waste as they would be working completely agains each other.
as has been said before you can run the air pump at night when the co2 is not needed by the plants! this is what i am going to do
Also am i correct in thinking that when adding CO2 to a tank, you should add it to the substrate rather than the water, as it could cause water problems and health problems to the fish? Or is it harmless to fish?
You don't add it to the substrate. You need a bubble ladder or diffuser to help mix the CO2 with the water. The bubble ladder keeps the bubbles in the water for as long as possible. Simply having the CO2 go into the substrate and then float to the top wouldn't allow the bubbles to be in the water long enough to do any good. It may even add more O2 to the water than CO2 since the disturbance created when the bubbles hit the surface and break actually adds O2 to the water.