If you were to put something non-aquatic in the inner tank, how would you keep the air in it? would the top of that tank be above the top of the water level of the outer? I guess I'm having a hard time picturing the layout here. Though I did come across this the other day which is kinda like your idea: http://www.instructables.com/id/Under-water-Dry-zone-for-fiddler-crabs/ Thought that was pretty cool, but I think it needs some sort of way for the air in the jar to escape without having to overflow the jar and bubble up. Some way for there to be a somewhat constant airflow to prevent the air from getting stale.
That is really neat idea, but I was thinking like you said, the inner tank would be taller in order to either keep water out for a lizard or the inner tank would be taller to keep the fish separate if the outer tank had more aggressive fish. I will use paint and see if I can put together an image to give you a better idea of what i am thinking.