Hi CT - nice diagram. I don't have mine running in an external overflow, but I think the concept is similar. So I'll comment on your proposed design...
1 - Can you bring both drains up through the bottom? It would give you more flexibility to adjust the emergency drain height by changing to a different height of open standpipe, and would probably have a little more capacity than the one with the elbow.
2 - at the sump end, it is best if you have the ends of the drains submerged in a chamber that has a constant water depth (baffle). That way evaporation will not cause your overflow water level to change.
3 - my gate valve is somewhat high up on my main drain. It seems that the air that you may get below the valve initially is flushed out pretty quickly. I have never noticed any splashing sound from that issue at all. However, your setup may still be better. I was thinking of changing mine to that config but since it hasn't been an issue, I've left it alone.
4 - Water level - I keep my overflow water level very high in order to make that part quieter. My water only drops about a half to 3/4 inch. I have it set so that it basically is right at the top of my emergency drain pipe, and once in a while a little bit of water slips over into the emergency drain, but not enough to make any noise.
5 - you don't need a riser tube off your main drain to raise the water level. The water level is raised and lowered by the gate valve setting. A riser tube in your overflow box would probably lead to a vortex forming and sucking air down the pipe because the overflow box is not very deep.
6 - you will need a screen over your main drain. I made a screen from some of this grid tubing:
http://www.aquaticeco.com/index.cfm/fuseaction/product.detail/iid/8559/cid/2079
This stuff works great. I used black plastic gutter guard to make a top for the short tube shaped screen. Then I cut some small rectangles and made a "cross" that fits up inside of it and attached it with zip ties inside the screen at the top, just under the gutterguard top. The cross prevents a vortex from forming if the water level is clsoe to the top of the standpipe. I used a standpipe in my overflow because my overflow is large and 24" deep. The standpipe reduces the amount of water that drains back into my sump in a power outage. The overflow only drains down to the top of the standpipe.
7 - It seems that with a relatively small overflow box, you may get some small bubbles generated from the overflow action that get sucked down the drain. The screen will help with that. Depends on how much flow you are going to be pulling over it I guess. A few bubbles going down the pipe won't generate any noise or problems though IME.
I hardly ever have to mess with mine. Sometimes I'll notice the water has changed a little bit and I'll just reach under there and give the gate valve a tiny tweak and think no more of it. It's no hassle at all. I think your idea looks like it should work fine. However, I would rather have both drains come up through the bottom if possible.
Last thing, after you set it all up, try the scary test. Slowly close that gate valve and see if your emergency drain can handle the flow. It drives me crazy to do it but I know mine will work if I need it to... You may also find that when you do that, your sump pump may start sucking air depending on your setup, because during that emergency drain operation, you do end up with more water in your display since it has to rise up above the emergency drain.
Good luck with it!