Matt,
Keeping in mind that you only have two valve drivers in your ET, so you are limited in what you can do...
I would add the 3-way valve in place of the "T" that is right after the SWCG.. I'd set the 3-way valve so that it either shut of the waterfall or allowed 80% of the water to go the waterfall and the other 20% to the rest of the returns..
including the bubblers. You will have to move the bubblers to the left side of the 'T' in your pic...
I would then add the 2-way valve on the bubbler line...
So in normal operation, 100% of the water would go to the all the returns.. (Left side of your pic... plus bubblers)
If you wanted the bubblers on, you would select "bubblers" on your ET and they would come on.. you could adjust the height of the bubblers using the pump's speed.
If you wanted the waterfall on, you would select "waterfall" and the 3-way valve would turn so that 80% of the water went to waterfall and 20% still going to the return plumbing. Again you would use the pump speed to make the waterfall look like you want.
You can link the circuit "Waterfall" with a specific pump speed, so that when you select "waterfall" the pump would automatically go to that speed. Same thing for "bubbler" although the system will always go to the highest speed, so if you turned on the waterfall and bubblers at the same time, it will always use the highest speed assigned.
I know this is not what you want, but it is the best I can do with only two valves..
Please let me know if this does not makes any sense.
Maybe one of our other members has a better idea and will chime in...
Thanks,
Jim R.