I've been incredibly successful with a version of this diffuser:
http://www.barrreport.com/articles/41-diy-internal-reactor-great-yeast-co2-users.html
I also had decent results taking what you've got already, sticking a an extra gravel siphon on out outflow, and pointing it downward. For your 29g you probably need to chop part of the gravel vac off. Ideally, you'll additionally create a swirl in the gravel vac with an elbow. If you add the loopback deal to this assembly, then you'll have basically the same thing as the aforementioned diffuser.
Now, you may still need more than one bottle of CO2 going, too. For a 50gal, I had two 2-liter bottles going and rotated one of them out at a time about weekly so that one of them was always peaking as the other dies.
I'm not sure which one is the preferred recipe for co2, is it still the jello mixture? For how long has your mixture been going?
To be perfectly honest, I'd suggest watching for inexpensive (but quality) pressurized components: I ebay'ed a new cylinder for about $50 shipped and a regulator/solenoid deal for 90. If you can find used stuff, then you'll be able to get these things for even less. (A used cylinder is fine as long as it's current on hydrostatic test because you'll swap it out anyway.)
In the extremely long run, I think you'll make up the extra cost in time, sugar, yeast, and frustration. Maybe sell some plants to offset the cost a little, too. But give the DIY diffuser a shot, and possibly tweak your solution/configuration to give a little more gas. and good luck!
Sam