You really don't want to rely on a ball valve to stop the overflow from the drain. You might not be there when the power goes out, so the sump needs to be able to handle it.
I actually run a restricted drain most of the time. There is a T before the drain valve that redirects to the fuge, but I also have a gate-valve on the fuge to precisely control the flow. This of course puts me in a similar situation with regards to a potential overflow. I break a few rules and like to live dangerously, but I've also done the calculations. Typically, the only water that will overflow the display is the volume of water that is either above or after the last baffle in the sump. Typically, there is an inch or two of tank glass above the water line. Thus if my drain clogs, which it has yet to do but likely eventually will, then the total volume of water that can possibly reach my floor is about half a gallon. I figure I take a similar risk each time I carry milk in from the car. Not a big deal to me. But my tank does receive a lot of constant observation.
I recommend putting a ball valve on your return line, after the pump, but don't restrict your drain. A straight shot is okay, that's what I have, but I've read others say that a curved drain can help reduce micro-bubbles. I can't vouch for that however.