i was wondering if just regular compost mixed with good soil would be okay to grow in. and just set the sprinkler system to water them once a day. would that be ok?

once a day is too much, I would go for once every 2-3 days. 3 preferably. Remember, water more, but less often.

Be careful with the compost. Make sure the compost is aged. By that I mean that it has had time to decompose thourghly. Compost that isn't can burn your plants.