It will probably be useless. I doubt he'd spend any time in it or 'enjoy' it in any sort of way.
In fact, he'll probably poop in it, and cleaning that out completely would be difficult and more work than necessary. Poop will probably also kill the motor in the waterfall system.
If you want a waterfall, get a pacman frog or some poison dart frogs. I'm sure they'd love it. Ball pythons don't generally interact with items that people often put in the enclosure to make it more "natural". Most discover that they're happy with a water bowl, hide, and substrate.. and that's pretty much all they need unless you want to clean more.
Decorating with fake foliage is fine, but I think a waterfall is a little bit ridiculous for a ball python.