I don’t see why not.
Many commercial hydroponics systems use electrolysis or ozone generators to infuse concentrated pure forms of oxygen into the water.
Something to consider, however, is that highly concentrated pure oxygen will likely cause rubber and plastic parts to maybe become dry and brittle and wear out faster, especially the rubber diaphragms in the air pumps.
As far as the well water is concerned, it all depends on how hard the water is and if you can keep the pH at 5.8 for hydro, and especially for DWC.
Happy growing,
MacG