Rimmed or rimless tank? Either way you will need to decide approximately where you want the water level for the tank and then place the overflow a bit lower. How much lower will depend on the size of the overflow and how much flow you will be putting through it.
I know that's a vague answer at best lol! In my case, my 220 has trim around the top so I wanted the water level to be just at or above the bottom of the trim so it won't be visible. I went with a relative small, 22 inches wide, overflow as I am not planning on too much flow from the return pump so I placed mine so that the rim of my overflow(which is toothless) just below the trim level of the tank. This is to allow for the slight rise in water level above the level of the overflow. If your overflow has teeth, you'll want to take into account the bottom level of the teeth, not the top, as I'm sure you don't want water going completely over the top of the fixture but rather through the teeth. So you'd want the top of the teeth just above where you want the waterline. Place the overflow in place with that in mind and then mark your hole locations.
Please keep in mind I've done one tank this way! Hopefully someone who has dome multiple tanks will chime in too.