It will be more effective. bubbles suck and only good for a small bucket of water. Any type of churning of surface is 10x more effective than air stones. As long as it can mix the top/bottom volumes it's good. Waterfall may only be effective at that to a certain depth. A waterfall per bucket is fine too, but bad design... a lot more equipment and wasted effort than can be done much more simply.
A powerhead or 'wavemaker' is a better option and kills 2 birds with 1 stone by also mixing the water for you too. Drip from rdwc is essentially oxygenated as it occurs, too. Gas goes into solution almost immediately. Increased surface area (over time due to churning or a drip) will quickly pick up O2, if not already saturated.
With rdwc, i assume you have a large reservoir and the water flows back to it? That's a lot of excess maintenance, if not. So, a powerhead in your rez will be plenty. I bet the drip at the plants would oxygenate itself enough but it's only 10-15 watts to toss a powerhead in rez.