I'm guessing that it won't hurt, but may not help too much either. I've only aerated with air, but if the bubbles are too large, the actual "contact area" (and time) may not be enough to get good use out of your air. My experience has been with spargers in fairly fast cine processors (continuous).
I personally wouldn't even try oxygen, but if I had to, I'd start with a very small bleach sample, just in case the reaction somehow gets out of hand. It's possible that there might be bad effects with carried-over developer (maybe forming tar?); I don't know. Again, I wouldn't even bother trying this.
Do you have reason to suspect that you need aeration? Or a way to measure the effect? Just curious.
ps: I only worked with the earlier version of the bleach, the one based on FeEDTA. I'm not sure that the later versions follow exactly the same rules, but I suspect so. Chamon88 recommends using regenerator, perhaps this chemically oxidizes the bleach? (in the older version of bleach, it did not).