There are two camps on the CO2/O2 thing:
One camp (which I belong to) does not turn CO2 off at night, because turning the CO2 off causes a sudden rise in
pH.
The other camp does turn CO2 off at night because leaving it on would cause a drop in pH, as the plants began adding their own CO2 to the mix.
Either way, you'll end up with a change in pH. In the former case, there will be a gradual, possibly slightly larger change in pH. In the latter, there will be a more sudden, but likely smaller change. I go for the more gradual change.
As far as O2, you generally don't have to worry about it. CO2 doesn't take O2 space until there's really a lot of it. Most people with CO2 systems never have to worry about it. (I think that if you had two diffusers going in a 10g tank, you might run into a problem).