First, a little course in fluid dynamics. Flow through the drains will always equal flow from the return pump, or it will be less than the flow from the pump, in which case the tank will overflow (dry emergency kick in whichever.) So flow through the drains will not pick up speed when you reduce the flow from the pump, rather it will decrease. It (drain(s)) may handle the reduced flow better, than the higher flow, but that is to be expected when dealing with a durso, with too much flow running through it.
In terms of what the single siphon can handle, assuming your drop is around 3' would be ~ above 4000gph, but it will be less than ~4500 gph, (allowing for friction losses, and assuming you have 1.5" bulkheads, albeit they are sch 80, which is not really a good thing.) Head on the pump is probably around 4' probably, total dynamic head ~ 7 - 9' since you went a little overboard with extra pipe and fittings, to run 6 or 7 outlets (in tank, reactors, etc.) So optomistically, you are probably flowing ~ 4800 gph wide open, less what goes elsewhere than the tank. Since 2400 gph would be reasonable going through the tank, you have some room to play a bit.
You will find the solution to your drain issues throughout this thread. They are finite in number. Usually, implementation errors, and out of adjustment.
The noise in the open channel, is due to way too much flow through it. Obviously, since you have the siphon shut off right now, that is to be expected. The open channel is going to be a problem as soon as the pipe is over 1/4 full of water, which occurs in 1.5" pipe right around 350gph. When the system is adjusted right, the flow through the open channel may vary from system to system. To put a number on it, well... < 200gph in this particular system.
On your system:
The siphon is not implemented very well, as it looks like it goes horizontal just below the tank. This is in the hit list top 5. The configuration of the other two lines is random; ideally all three should be configured as near to identically as possible. (an argument against spreading the bulkheads so far apart...) Right now, the one that will have the hardest time starting is the siphon, and that is not good.
If you have air bubbles in the open channel, when the air vent line inlet is submerged, you have an air leak in the open channel. The air vent trips the open channel to siphon, when the water level continues to rise after the dry emergency kicks in. If it trips any sooner than that, the siphon will not start, as the open channel will rob flow from the siphon, causing the siphon to not fully start. Therefore, with the siphon closed (as it is now) the dry emergency should be taking the flow, not the open channel. This is how the system is intended to operate. Cause: air vent line to deep in the overlfow...
If the dry emergency is not handling the flow from the pump on its own, and is sending a large amount down the open channel, then yes you need to turn down the pump. Think about it for a moment, the dry emergency flow capacity is higher than the siphon, becuase it is not restricted.
The hammerhead is way too much pump for this system (Did I really just say that?!?) I would re-configure the pump to the Barracuda, fix the issues with the drain setup, and go back through the initial start up and adjustment procedure outlined on page 1 of the original thread, or on bean's website.
In addition, I would also increase the pump intake pipe size, and the outlet pipe size, to 2", eliminate 3 of the 4 return outlets in the tank (waste; it is the job of the powerheads to move the water around the tank) eliminate the uv sterilizer, (not much use in a reef system, as they kill food...) But these things are a bit out of the scope of your questions.