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Yes it is. I did the same thing to one about ten years ago and it works great. I need to put a new pump on mine and start using it again. I use a foam minnow bucket in a five gallon bucket when moving a lot, because the lid on my cooler doesn't lock down and it spills water when I'm moving. I need to put a buckle type latch on it and something to seal the lid. That will give me something to keep me busy for a bit.
I use the white foam one that drops into a five gallon bucket and fits fairly tight. They seem to last until you do something to screw them up like letting the cover freeze down and breaking it trying to get it off. I have been using this type and I'm on my second one in twenty years.
I need to put a buckle type latch on it and something to seal the lid.
Something to seal the lid. Try this on an old one. On the lower lip of the cooler, spray a we bit of PAM or grease the edge with vaseline. On the lid side, apply a thin bead of sealer like silicone, close it lightly and let it cure for a day. Gently open the lid and let it sit for a while longer while the edge cures. After a couple days, you can wipe off the PAM or vaseline, the lid with the seal won't stick to the bottom part but closes pretty watertight.
Ice Dawg:how did you attach the airerator to the cooler???