The return is pressurized so adding elbows and fittings has less impact as long as they are not drastic. There are head calculators on most of the reef forums and they say fittings add about a foot of head per fitting but thats not exact sience and gradual bends have less impact than sharp bends. The overflow is gravity so restrictions and changes of direction can have a major effect on flow. I place my sump directly under the overflow so it drops straight down then sweeps over with the 1.25" tubing so no restriction other than a 24" radius gradual bend. If you must elbow it, two 45 degree elbows have less impact than a single 90 degree elbow. Another thing I found was the noise a bend makes in gravity PVC piping like an overflow. You get eddy currents, swirling and cavitation in the bend causing noise, bubbles and restriction to flow. In drastic cases you can form a air bubble at that point and air lock, air bind or stop flow if it is bad enough. try to keep the overflow as fitting free as possible so there is nothing to impede flow or to provide a place for a small snail or debris to lodge and restrict or stop flow causing a potential flood. No valves and as few changes in direction and reduced inside diameter fittings as possible for a laminar or smooth flow.
1.25" is a pretty common size believe it or not, if you can't find it 1.5" is also common and wouldn't hurt anything.