There are fairly inexpensive hookah units that show up on e-bay from time to time. That would be potentially less expensive and a lot more idiot proof than a DIY project.
Whether you go gas (mechanical relaibility is key and fumes are a potential issue if you do not properly locate the intake) or electric (relaibility issues with electical contacts and salt water, battery issues) you will want a small pony as a bailout. This could take the form of a slung pony that you switch to, or could take the form of a back mounted pony feeding a common gas block also fed by the hookah and leading to a single second stage.
Fume issues aside, I'd consider sticking with gas as it is more portable. Even if it gets flipped, a 5.0 HP Honda engine is very reliable and lightweight but is also inexpensive and designed as a repalcement part so if you flipped the float say once every two years, the cost is still low - no more than the cost of a set of good quality deep cycle marine batteries. Plus with the air coming in through the carburator, it is really unlikely that you would get water into the single piston and if that occurred it is unlikely the motor would still have enough power to bend a rod.
Reg wise, most hookah units operate at an Intermediate Pressure around 60 psi rather than the 120-145 common to scuba regulators. That means that at a max depth of 30 ft, a 75 psi supply pressure would be ample and most small compressors can maintain a lot more flow at 75psi than they can at 135 to 160 psi, so the lower IP makes a successful Hookah rig far easier to achieve than if you attempt to do it at 135-160 psi using a scuba second stage.
To adapt a scuba second stage to Hookah use (ie: lowering the IP it operates at) you would want a model that is a dual adjustment design where you could adjust both the orifice and the lever height with separate adjustments. And you'd need one that is fairly high performance as the lower IP means you need a larger orifice to get the same flow rate, although if you limit the depth to 30' that is not so much of an issue.
The USD double hose regs with hookah ports (DA Aquamaster and Royal Aquamaster) operated at 110 psi, but the second stage could easily be adjusted for a lower IP by just backing off the second stage body and reducing the spring pressure slightly. Reproduction hookah harnesses are availble from Alan Klauda through vintagedoublehose.com and that would be a fun alternative for a hookah reg.