If you lost a weak fish due to the CO2, then I would imagine it is due to high, and I mean HIGH CO2 levels, and NOT oxygen depletion. I am pretty sure that the two gases have independent saturation levels, meaning putting in one does not affect the level of the other. However, fish "breathe" by exchanging CO2 for O2 at their gills, and if the level of CO2 is too high in the water, then the CO2 cannot pass through their gills into the water as easily, as there is less osmotic pressure, or something like that. I have repeatedly witnessed my glass catfish look really ill when my CO2 levels go too high (*waiting for the post-graduation gift of a stable pressurized CO2 system*).
I've even lost one (glass catfish) once when the CO2 levels went off the chart into the 100+ ppm range. And all of this with DIY CO2 in soda jugs; it is very possible. I have found out how to make TOO MUCH CO2, and I have found out through that process how to make just enough, and I think one 2-Liter bottle per 10gallons is right for me. The glass catfish and the Amano shrimp are the only creatures that head for the surface though when CO2 levels get high. Everybody else is apparently fine with upwards of 70ppm* CO2.
About having both CO2 and O2 systems running simultaneously:
To some degree adding O2 would create excess surface agitation, thereby allowing more of the CO2 to escape into the air. If, however, you hvae high enough CO2 generation, you could get away with some O2 addition. But the whole idea of adding CO2 is to get plant growth really going well, and if that is the successful, you should see the plants adding O2 to the water through pearling, and pearling does not cause ANY surface agitation, so by adding enough CO2 to a planted tank, you could (most likely will) increase O2 levels indirectly.
* I do not endorse CO2 levels above the recommended optimal level of 30ppm.