Why not use an Eheim 1260 instead?
If you are only going to keep softies and low flow creatures then your plan will be fine. It won't be enough flow for SPS and you'll end up with powerheads if you want SPS.
Something to consider...the most nutrient ladden water is at the surface of the display...your overflow takes that water to the sump where it is processed and returned to the display. The longer that water is in the sump the more of it is processed and more nutrients removed. By sending it so fast through the sump you are not processing it, you are mixing those nutrients back into the water of the display. You have the added issue of noise from the overflow and heat from the pumps. If you run a smaller return pump the water gets processed longer. I keep a small powerhead in the sump to get the chaeto the flow it likes. Use a closed loop for additional flow in the display which also cuts down on heat.
There are many ways to set up a system and this one has been gaining in popularity for a few years now. I would never go back to a fast water movement through the sump...it just makes sense not to. My skimmer works better and my chaeto grows great and my entire system runs off a single 30 amp breaker, everything, heater, pumps, powerheads, lights, reactors, fans, skimmer...everything. My tank stays between 78 and 80 degrees, I keep my place at 78 degrees and a fan on the tank.
It simply works and is dead quiet and efficient.