I've done it... i tried it with my Daisy cloner because the pump would spray all my clonex off the roots. The fogger would saturate the gel with water and it'd come off anyway though. Honestly I can't tell you whether foggers work better or worse than spray-pumps for growing roots. I'd say they work better but I don't know... I've only ever tried cloning my Strawberry Cough (first plant i ever budded and smoked so I try to keep her going) and she is a B*TCH to clone. I get maybe a 5% success rate with her. I've tried peat pellets, the spray pumps, the foggers... nothing works well on her, only sh*t luck. I get tiny tiny roots that take forever to grow and start to rot if i dont take them out before they even reach 3mm in length.
So yeah, my baby is a pain to clone anyway so I can't say whether foggers work better than the spray pumps or not, but they probably do... and you won't need the airstone since foggers provide more than enough air to the roots. Just make sure you don't keep the fogger on all the time because the roots can easily start to rot if you keep them saturated (like all water-cloning methods). Also the LED light won't be an issue, most foggers(including mine) are the same kind with the LED light and grow clones.