Ok. So to answer your original question. No. I do not think that would work but I would also love to be proven wrong

I think that bubbling air through the water could keep it in a liquid state depending upon several factors such as ambient air temp, insulation on the system, frequency of air bubbling, etc. I think this only applies to the water in the tank and maybe in your piping. However, there is always a little water drop on the end of the nipple and a little bit of water around the seat of the nipple valve which I think would be the biggest concern here. If the ambient air temperature falls below freezing then the nipple will freeze. The water temperature in the nipple needs to be kept above freezing.
Another idea that I've never actually created would be to use the all metal nipples and attach a thin wire that could be used for resistive heating. The wire could be wrapped around the body of the nipple. A thermostat would be used to activate a switch and send current through the wire. This would heat up the body of the nipple and keep it from freezing.
This is getting pretty complicated just to keep the nipple system working.
What I think would be a far superior design is to only have a nipple drinker set up that works in above freezing temperatures but construct a coop such that it receives passive solar or other type of heating and keep the entire coop above freezing which would keep your nipple system working, eggs from freezing, and the hens would be happier.