Good luck.  This reminds me of when I was setting up my reactor.  It took some time to dial it in, but it will be well worth it!

I use my ph controller to control the ph of the reactor. I have it set to turn the CO2 off when the ph in the reactor reaches 7.0 because my media is supposed to dissolve at higher ph levels and I don't like my tank ph to be lowered any more than it has to be. Unfortunately I don't have another probe in my sump so I have to test ph of the display with an actual test kit.

On a side note, if you continue having problems with low ph I would look into ventilating the area that the tank is in better. If that isn't an option and you can't run tubing for your skimmer intake out to a window or vent then you may look into CO2 absorption media. I've been dealing with low ph since day 1 and the last month or so it's been low enough that I'm half expecting my corals to start dissolving (7.4-7.6), so I ordered the BRS air filter with their CO2 absorption media. Of course this isn't necessary if you don't have ph problems when everything is stable and running good.

Anyways, here's what I would do...

Test Alkalinity & Calcium

If needed, Dose 2 Part (or whatever additives you use to maintain them) to bring the levels back up

Turn the calcium reactor back on

Set the effluent to be a slow trickle (NOT a drip)

Set the CO2 bubble rate to around 1 drop every 2 or 3 seconds

WAIT - check the ph of the reactor and of the tank 8-12 hours after starting the reactor back up

When I started up my reactor I let it run for a few days before turning on the CO2 to make sure there wasn't any residual dust or air bubbles (even after rinsing everything) in the reactor chamber. When I started the CO2 I started it at 1 bubble every 3 seconds but had it up to 1 bubble every second by the end of the week because I needed a faster effluent to maintain my alkalinity. I ended up testing the tank ph, calcium, and alkalinity every day for two weeks. I also tested the effluent calcium and alkalinity and checked the ph controller reading for the reactor daily. It took about a week for the tank to stabilize and about three weeks for it to require even more adjusting because everything started growing even faster with the increased stability.

It's a balancing act and the best advice I can give is to be patient and make sure you fully understand how calcium reactors work. Just don't give up! 

When I let it run like that for a day, my tank was down to somewhere around a ph of 7.0, give or take... my corals didnt look very good, and then I stopped running it 

Hahaha. Thanks Mark & Ann! Ill start with those suggestions! Since my last post I also decided to purchase a new regulator. I got the one from aquariumplants.com . It seems to have very good reviews, and I like the adjustability of the bubble counter. So now Ill be eliminating one bubble counter, and ill probably put the gel like fluid in the counter on the reactor so I dont have to worry about evaporation. Thanks for all the help!