The overflow box should be at a level where the water level in the overflow is lower than the tank water. This allows for better surface skimming by creating a suction into the overflow box. Usually it is fairly easy to find this level once everything is set up and the siphon is running. With mine, the "teeth" are about 1/2 way out of the water.
As long as you have this vacuum effect going on, and everything is running, your return should balance out with the amount of flow it needs to keep up with the draining into the sump. You may (probably) need to get a power head to increase flow as one return is not going to be enough in that size tank. I'd suggest two power heads 750gph and the return from the sump as a start. Once running, if you put some food in, you can see where it goes to get rid of dead spots and have good overall flow. It is an art more than a science and every tank is different.