Here is the more complete drawing, showing the inner and outer plumbing.
Siphon Tube: This piece is somewhat optional, but I suggest it as a failsafe. Follow along with me here... Imagine the return pump is off (power outage, feeding, working on the tank, watever)... water will drain to the lowest point. Without this tube in place, water would drain to the lower hole. Not a big deal if your overflow is solid and in good shape - the overflow would drain completely, but the display water level would stay. Now imagine the overflow having a small leak in it - a seam fails, a piece of LR falls again it and cracks it, whatever. Water will then be entering the overflow box as it's supposed to (over the top), but also from the crack. Now when the pump is off, the overflow will drain to the bottom hole (as before), but now water from the display is entering the overflow from the crack, so the water level in the display area will continue to drop until it is below the crack. Now you're staring at a wet floor. Make sense? By using this tube, you raise the lowest drain point, adding one more preventative measure against wet floors. Just make sure it's not so tall that the siphon begins pulling air in with the water (think about one of those little whirlpools that happen when you empty a full sink or bathtub).
So, a lot of explanation, but a pretty basic concept, no?
Open Drain tube: This will control the water level in the overflow. Set this as high or low as you want to keep good surface skimming but without having the water splash as it flows into the overflow box.
Air Line: This is another failsafe, but one that I couldn't draw (I'm not that good with Sketch-up). Basically this is a regular piece of airline tubing that you'll want coming out of the top of the drain line and looping back into the overflow box. Set it so it is just above the open drain tube. What it does is this: If the water level in the overflow box ever rises much above the open drain tube (due to either of the drains being clogged), it will submerge the end of this air line. Doing so will cause the line to temporarily turn into a full siphon drain, allowing MUCH GREATER water flow, and thus compensating for the clogged drain.
Make sense? If not, read bean's explanation - it's much better than what I'm managing to do here.
Open Drain: The open drain will be pulling a mix of air and water. The trick to keeping this quiet is to keep the flow as low as possible.
Siphon Valve: The siphon drain, if left wide open, will pull far more GPH than your return pump will push, so you'll end up with A LOT of gurgling. Use the valve to dial back the flow through this drain. Start with the valve wide open and turn on your pump. Get the water flowing, let it gurgle, then slowly close the valve down. Close it down slowly, in small increments. Stop once you notice the water level in the overflow rising. You want the valve as open as it can be without it pulling air. In effect, this drain will then be flowing ~90% of the GPH you have going through your tank. The remaining 10% will flow through the open drain.
Make sense? I feel like I know this stuff inside out and backwards in my head, but I can't for the life of me type up a decent explanation.