I gave the concept a bit of thought, it should be able to work but it all has to do with the balance of pressures in the system. The deeper your airstone is under water, the higher the air pressure will have to be to overcome the water pressure. P=density x g x h, density of fresh water is 1000kg/m³ and sea water about 1025kg/m³, g (gravitational acceleration) is 9.81 m/s², h is the water depth in m and P will thenbe the pressure in Pa. So h is the only variable andsothe heights will have to be balanced. Therefore your siphon pipe will have to go up higher than the depth of your airstone under water before the siphon pipe bends down again. Your air tube will have to go up even higher than the siphon pipe to prevent it from filling with water when the container fills up with with water. To achieve a 1m depth with your airstone your pump would have to be able to pump the water more than a meter higher. The stronger water pump will probably cost more than an airpump and will probably consume more additional power than the airpump would. A venturi would probably be a much better option.