Check valves fail, it can't be put any simpler than that. No matter how expensive, how elaborate or simple or how many, they fail period. If you can live with a backsiphon or flood then go for it but you are making a big mistake with check valves and returns that are low in the tank. I work with pumps and valves for a living and have seen multitudes fail over the past 33 years and more often than not with disastrous results. Its not worth the risk. Put your return(s) close to the surface so you only have a slight backsiphonage and you will never ever have to worry about a flood.
We put siphon break holes and check valves in systems with good intentions but how many of us stick to a regimented maintenance schedule? Even them all it takes is one grain of sand, a small snail, a flake of food or any number of other things to defeat a check valve. Do it correctly the first time and you will not need check valves or drilled siphon breaks. Check valves also add additional head or resistance so plan on a larger pump or a smaller flow rate.