yes you could do that, maybe a bit smaller than i would use - though my sumps tend to be sized based o what i need to put in them.. eg, return pump, protein skimmer, etc. All my current sumps are trigger system right now which I like.. the fiji cubes ones look cool (but i haven't used)..
the "safest" in my opinion setup would be a display tank with an "internal" overflow plumbed to the sump... only 2 real issues that could occur here are... you somehow clogged your overflow and pump more water into your tank than it can drain... or you screw around with the plumbing and get crap under the bulkhead seal. each of these issues is easily avoidable... also the first one can also happen in an AIO if the internal filter box height is the same level as the tank (which, unfortunately is common).
The sump setup should have a return pump with a check valve (lets the water only flow up, not down the pump hose).. and make sure your return line in the tank (where the water goes back to the tank is fairly high up in the tank. that way if you lose power and the pump turns off... AND your check valve fails, the only water that drains into the sump is what is above your return to tank plumbing.. last.. test this "fail" water level and make sure you keep your running sump water level at or below this and you'll have no issues.
where i could see real issues are with tanks that have plumbing come up through the bottom of tanks.. hidden in rocks and such.. if something failed there you could drain your entire tank.. if your sump wasnt big enough (which would be likely), it would flood... not to mention you'd kill everything. But i have only seen these setups on youtube (and rare).