no, not really. LFS in my area (hence the L in LFS

) charge about $100 for a Mag 7, but online you can get them for about $55, and shipping isnt any more than $10 (and thats high). 65 is MUCH less than 100
As for flow - you dont want all of your flow in the tank coming from the return pump. If you want to use a pump for flow, check into a closed loop, and have another pump. The flow from the Rio would be fine as a return pump, but obviously you'd want more flow overall in the tank. I learned the hard way that 2400gph through the sump is a bad idea (even for a 150 with 55gal sump). We now have a Mag 9.5, about 60% going to the return and 40% going back to the fuge.
I suggest adding a powerhead or series of powerheads. Greater control of the flow in the tank than using the return flow, and also it keeps things more controlable in the sump and helps eliminate microbubbles caused by having too much flow. Estimates I've read are 5-10x turnover of the total volume through the sump, and 20-30x turnover in the display via the use of a closed loop or powerheads. I personally believe the most flow in the display that is possible without disturbing corals/fish/livestock in general is optimal and though I've only got softies and some LPS, ours is up around 35-40x (its been a while since I figured it out).
So while I have my reservations about Rio pumps, the flow rate should be acceptable for the overflow.