Simple bubbler bucket

Sorry if this has been asked before. I searched the forums but could not find the answer. Does this sound correct? A 5ga bucket with a air pump. Plant is hung just touching the water. I will be rooting in Jiffy pots, then transplanting into larger pots filled with perlite or a perlite/vermic. blend. No other pumps are used(water pumps etc.). Have I overlooked anything?

Thank you,
VM

Thanks for the link. It was a good read. Is it a good idea to use Jiffy pots and perlite with this system(in the "upper pot")?

Thanks,
VM