Just to throw a nutshell view out there...
A 120 would, at most, need (x4) 480GPH of actual flow. Let's call it 500 GPH for easy math.
I don't see where you're putting the sump in your basement, so let's say you'll have about 5' of head pressure.
Five feet = 1.5 meters
500 GPH = 2000 LPH
A Sicce Syncra Pro 4000 would more than do it, using less than 60 watts. Cost is about $140.
You could easily give up just a little flow and go with a 3000 at only 50 watts/$115.
A Syncra 3.0 or 3.5 would also do it....just a little less quietly.
The Eheim 1260 and 1262 would also appear to be top contenders for about $170-$190.
These are some of the sweetest pumps out there and I didn't even mention some of the sweet externals available.
Or you could spend double ($285??), for what appears to be quite a bit of overkill (70 watts) and a few features that will be of minimal use.
If you're dedicated to try out the Reef Octopus, it seems like the model 2 would be a more sensible fit.
(Did I miss where you're putting this in a basement sump config?)