Wave boxes are not good as they produce unpredictable function of a drain system. They accomplish nothing of value for a closed system marine aquarium. Basically, a waste of time and money. They also put undue stress on the seams of a tank, which is not a good thing.
How much bulkhead you need is a function of the flow rate and head height. (length of the drop.)
Your guess, on bulkhead size, is pretty much correct, but it depends on the actual length of the drop. @ 24" drop a 2 inch bulkhead will flow 6667gph (not accounting for ambient pressure and friction loss.) 1 .5" bulkhead will flow 3750 gph (not accounting for ambient pressure/friction loss.) At 36" drop, a 1.5" will flow ~4600gph, so would probably handle 4000gph after friction losses. At the right drop height, a 1" bulkhead will flow 4000gph, but it will cause problems for 1" pipe (ceiling is ~3500gph for 1" pipe,) with extreme friction loss and noise, with 960gph being being the practical limit. For 1.5" pipe the practical limit is ~2100gph, and for 2" it is 3300gph. Exceeding these practical limits just increases the friction loss. Exceeding the peak flow (ceiling) @ ~ 18ft/sec causes problems.