OK, OK.... a picture says a thousand words anyways so here are some pics of the setup. BTW you got it pretty much Marcel.
Here's a pic of the air pump and bottle. I'm using the green lines. The clear ones are for something else. FYI the air adjustment valve is built into the pump.
Here's a close-up of the cap. See how I put the plastic connectors through the cap. I drilled them out slightly undersized to secure a tight fit. I didn't even have to use any sealant, but it wouldn't be a bad idea. Notice that only one line (the one that carries the fluid to the tank) goes to the bottom of the container into the fluid.
Heres a pic of the drip adjuster tank side. Note that it is a simple off the shelf valve from the LFS. Side note: Perhaps a high precision needle valve like the ones we use with C02 would work better? Or perhaps it may clog? I may have to try and see.
Dripping into the tank. Notice that the line is elevated above the water line. This does two things. It allows you to count the drops into the tank and it eliminates the possibility of water siphoning out of the tank in the event the pump goes off.
That's it for now. Fire away if anyone has any questions.