I went through this very same situation. I tried just about all of the solutions mentioned up to this point. In order to make the overflow most flexible (being able to change and evolve according to your needs), you should go with your first diagram and put gaskets at both spots. If you go with your shunt idea, you are restricting your overflow capacity from 1" to 3/4", as your 90 slip/street elbow has to be able to fit into the 1" shunt. This will cut down the overflow from 600gph to around 400gph (need to check one of the flow calculators links to get exact gph). If you use a 1" 90 slip street that goes straight into the bulkhead without the shunt, you wont restrict the overflow, but the friction fitting will continue to leak down to the lowest point of the bulkhead in the overflow box during a lengthy power outage, just as mentioned in previous posts. Most likely leading to a flood (unless you account completely for drainage capacity into your sump). I finally went with a gasket at "B" and siliconed the entire box to the aquarium (like Bean's suggestion). This was a PITA because the tank was up and running and I had to drain the tank down and place all corals below the water line and not use the overflow for two days while the silicone dried. My corals looked rough for a few days afterward, but all is fine now.