Hey man,
Sorry to hear about this. A while back we had a hang-on overflow and drained about 15-20 gallons onto our office floor. No hardwood, but it was upstairs so we had plenty of water stains on the downstairs living room ceiling and spent an entire morning trying to get water out of the carpet and had to actually move the entire tank to make sure we didn't get mold underneath of it.
Since that incident I have sworn off any kind of non-sump skimmer unless they are designed so that they can't overflow (our big skimmer for our 270 is an externally run MRC, but they have a sealed top and we were using a collection cup that throttles the skimmer when it's full). Any number of issue can cause an overflow and it seems likely that your diagnosis could be right this time around, but next time it could be something different.
FWIW, I tend to think of over-the-side siphon-based overflows as similar ticking time bombs because if the siphon breaks your return will just pump water over the top of your displays. They certainly are easy and if they were a particularly cheap option, it might be the best route. Unfortunately, the good ones are pricey.
So, IMO, the best solution to your problem would be to look into drilling your tank and using glassholes.com overflows. They are low profile, fairly easy to install with some patience (a number of people in the club have done them, so you can get pointers or possibly a helping hand), and in the long run a lot more worry-free. I think price-wise you'd come out in about the same neighborhood. Of course, the biggest downside is that you'd probably have to empty the tank to do it...