If your overflows can only remove water from the tank at 1200 GPH, then you cannot add water faster than 1200 GPH or your tank will overflow. There is no need to buy anything more than 1200 GPH for your sump pump. If you must use a bigger pump, then I would go with Roguemonk's suggestion and divert some of the flow back to the sump (the pump must output 1300 GPH, for example, so 100 GPH would go back to the sump and 1200 to the tank. The pump must receive 1300 GPH, so 1200 from the overflows and 100 through the sump from the pump itself). There is really no benefit to doing this as it only increases turbulance in your sump, it is just a work-around so your tank doesn't overflow and your pump doesn't cavitate.
Therefore, I would stick with 750-1200 GPH for your sump.
However, this only gives you 10-16 times turnover. Depending on what corals you will want to keep, you need more flow. 20-40X turnover. That means you need approximately 1000-2000 GPH more flow than your sump/overflows can handle. This can be accomplished by pump(s) where the water goes directly into the pump and back out without a sump or anything in between. This/these pump(s) can either be submersed directly in the tank or outside the tank as a "closed loop". A closed loop is the same principle as a submersed power head, you just use some pipes to get the water to the pump and back throughout the tank.
For referrence: On my 125, I use a Mag 9.5 (run externally with no problems for me) for my sump and a Sequence Barracuda for my closed loop. I have a CPR/weir overflow that runs up to 1200 GPH for my sump and 1 1/2" plumbing for my closed loop with two submersed "swiss cheese" (holes drilled all over) tubes to feed my sequence pump. There are three pictures of my closed loop in my gallery with descriptions.
Hope that helps!