Mitch; I'd ask Meyer re the depth, but my research came up with NOT putting the aerator at the bottom but mid-height or near the top. Here's the link to further pond research in which fish farmers are trying to do what you want to do; keep their fish alive. The link is to a forum thread.
http://forums.pondboss.com/ubbthreads.php?ubb=showflat&Number=50723&page=1
I think, without knowing your own Alberta research, that the reason they're having success is because the lake/pond is deeper. You need 5' depths before any stratification starts. If the data you're looking at is for those and deeper depths, it would explain why it's working; they're mixing the different strata and keeping the deeper from being oxygen deficient. Most of our ponds are not that deep and there is no stratification, so no need to mix. Take a look at the link I posted and see if there's any info pertinent to your situation.
From what I understand; keeping a hole open lets the toxic gasses escape. These toxic gases build from the further decay of organic matter at the bottom of your pond. This decay process ALSO uses up oxygen as well. The bubbles you're going to put INTO the pond do nothing re aeration--they only provide current to mix and turbulence at the top. THAT'S where the ONLY aeration is going to occur. There's also data to show that keeping the ice clear of snow helps the algae below to continue living/growing/putting out oxygen. If your pond was completely covered the whole winter with snow (according to data, 5" or more) then the algae wasn't getting enough light.
Putting the aerator at the bottom is only going to make the bottom water colder as it mixes upper and lower temp levels. And since all you are really doing with an aerator is providing turbulence at the top, no need to mix, but it can keep the ice from forming, which is all it's really going to do.
Anyway, that's how I understand it. An aerator, no matter where you put it, is not adding oxygen except at the surface. If you have a small hole and any ice/slush at all, the turbulence is lessened and so is the aeration. Again, I think Meyer can confirm or correct me in this understanding.
Michael