Question about a Spa Bubbler

My owner-built IG gunite pool has a spillover spa with a center bubbler. I am trying to configure the bubbler for the best effect.

How are these things typically set up?
Mine uses a 1-1/2 inch PVC pipe with a male-threaded pool return fitting (using one inch opening) at the top. I tried setting the height of the pipe to 6 inches below the water surface but this makes the spa water splash all over. I tried setting the top of pipe even with spa water level and this shoots water about ten feet in the air. Next I tried drilling a hole at the bottom of pipe, to bypass some water, and setting top to just below water level - now I only get a small bubbler action.
Am I getting close? Perhaps a smaller hole at the bottom. I was thinking I could cut a 4 inch long piece of PVC lenght wise, slide it over the PVC ipe and then rotate it to closer/open the bypass hole.
How is every one else doing it?
Does anyone sell a fiting that would have a fountain (sprinkler) effect rather than a solid stream?
Thanks.

I have a bubbler like you describe in the shelf/step area. I cheat by using a diverter valve in the plumbing to allow me to control how much flow heads to the bubbler. I find it works best with the nozzle an inch or so below the surface so it draws more water into the stream.

Thanks for the quick reply.
So the top of your bubbler is 1 inch below the surface. Does your's use a pool return fitting (i.e Hayward eyball style) at the top? If so, what size is the opening?