You can valve a pump back as much as you want, but its not efficient. As you decrease flow, power drops....some...but not proportionally. If you have a pump that is way too big, you are wasting electricity, making heat that may not be needed. Diverting flow back to the sump is even worse as it doesn't cut back on the power at all.
Best bet is to use the right size pump or close to it and use a valve if needed for fine tuning.