ZooTycoonMaster,
If you run the CO2 on and off you will have big fluctuations of the amount of CO2 in the water. For whatever reason it takes much longer to saturate the tank with CO2 then to let the CO2 fizz out of the tank. It may take 2 hours to saturate and only 30 min. to loose it all.
Now, knowing the above doesn mean much. If the plants do well then by any means run the CO2 for only a short time every day. But the main question is how the algae are going to like the fluctuations of CO2. In general algae shows up when the tank is not being run consistently. If you start chaning the light, the water change schedule, the feeding, the ferts usually algae appears. So it would be logical to expect an algae bloom if the CO2 fluctuates up and down. Especially if you let the CO2 escape the tank and the lights are still on.
Maybe the most reasonable approach would be to run the CO2 when all your lights are on. And to reduce the light when the CO2 is off.
Or you can just buy a CO2 diffuser and make things simple

A 10 gallon tank will look better with a tiny glass diffuser than with a black pump with a sponge on it.
Once again - if the plants grow and everything is fine run the CO2 any way you like.
--Nikolay