i have a Pinpoint pH controller that turns on and off my selenoid to the CO2 tank when my pH drops below a certain number.
i have done this two ways:
1. Have a little container where your effluent goes into, where you know the pH probe will always be submerged. Generally you want the effluent pH to be between 6.6-6.8 to break down your calc reactor media.
I had pH controller set up where if the pH dropped below 6.5 my controller would shut off my selenoid so no more CO2 injected, but still get the effluent dripping out. When the effluent raised to 6.6 again, the controller would turn on the selenoid and inject CO2 again. Did not have the greatest success with this, seems my media just was not breaking down enough to keep my alk up.
2. currently, i have my pH probe in the sump and selenoid cuts off CO2 when my tank pH drops below 7.95 and turns on above 8.0, i believe. Leaves more time for the reactor to be ON.
I say use a controller, so much easier to see pH of tank all the time. You can definitely do without but i have heard of accidents happening where CO2 just stayed on and of course pH would drop drastically, etc, etc.
What you need for a setup is calcium reactor with decent media (hear CaribSea ARM and Koralith media are good), bubble counter, CO2 tank(5,10,20lb), selenoid, needle valve. do not think i am missing anything there.
really hope this helps and if i missed something, let me know.