The max flo is an expensive system. If you buy it, use air. Otherwise I'd just buy a max flo inline, and a 20oz CO2 bottle with anti-siphon. It's a lot cheaper.
No the matrix will not run as well on CO2. You'll still get chilling and shoot down if you really haul on it. However if air isn't available in your area, then it's a half decent alternative. Dont' forget to install some sort of inline filter as well......CO2 is dirty....and bad for solenoids and orings.
It's all about the angles.