The steady state level in the overflow is determined by 2 things: The level of the open channel and to a lesser extent the valve on the siphon.
Consider how the Bean is designed to operate - the siphon takes the majority of the flow with the open channel taking the flow above what the siphon can't handle.
Imagine that the siphon is established and the siphon flow and the return pump flow were perfectly matched, the water level could be anywhere between the inlet to the siphon and the ledge of the open channel (the point at the top of the inverted U where the water just makes it over the top to go down the standpipe.)
Now consider that the flow is slightly greater than the siphon can handle. The water level will rise until it starts making it over the ledge of the open channel. The more flow the open channel needs to handle, the higher the water will rise. This will continue until the flow in the open channel is 'maxed out,' at which point the water level rises to the level of the dry emergency.
For an external overflow like you describe, you don't necessarily need the inverted U, but if you omit it, the opening to the siphon pipe needs to be far enough below the surface that it doesn't entrain air. As Outdrsyguy1 noted, the further down in the box the siphon opening is, the more water will drain out when the power is cut. As long as your sump can handle the volume this isn't an issue; it should start back up again either way, but if you are interested in minimizing the amount that drains down, the inverted U will allow the opening to the siphon channel to be placed higher in the box than a straight open pipe.
I agree with Floyd - the pipes are too high in the box