That's an on/off valve. You'll need another valve to screw into it to regulate flow, and that valve needs to be rated for 800+ psi. Which means that regardless of what valve you get, it's going to be extremely difficult to fine-tune the CO2 flow, and it will likely fluctuate.
You won't be able to use a solenoid with that unit because of the high pressure, so you'll have to either leave it on 24/7 or turn it off and on, manually via the on/off valve, every day.
You'll need a diffuser and tubing as well, as you likely know.