On my 120 reef tank, same specs as yours, I have the following and I don't think it is enough flow.
Closed Loop
blueline 40HDX external pump 1270 gph which runs 4 bulkheads returns
Dual overflow run by two mag 7's returning
So I have quite a bit of flow and it doesn't seem that much, maybe because I have the closed loop split into four returns. I have two bulkheads up toward the top of the tank and then I ran the other two down the back of the tank and across the bottom so I could have two nozzels that pushed water upward. So it creates very little deadspace for water flow.
I will have pictures up next week. Also on any closed loop make sure you put a ball valve on each return that you have so you can independently control the flow to each one. My LFS suggested this and after I did I thanked them for suggesting it. That way if you want to put a coral in a certain area, you can crank down the flow to that bulkhead. Really helps.