Also, your overflow will be stupid noisy if you allow water to cash to the bottom, then find it's way into the bulkhead. Will it work? Yes. but you will probably grow tired of the noise. google "herbie overflow" or "bean animal overlow" for safe, reliable, quiet drains. Also on your return, plumb the outlet high in your tank. If the power cuts off, the water will drain back to the sump until the whole outlet is clear of the water.
In the pic below, my eturn to the tank is on the top right. When I shut off the return pump, my water level drains out of the display lovering the water level in my display by about 1.5". this is fine, as my sump can handle that additional 5 gallons or so. Whenever you plumb your system, think about the following:
1. What happens in a power outage? They can easily happen.
2. How will I replace my equipment? This is inevitable over time.
3. Can I change the fittings on my return or drains? You may want to tweak you system.
4. Can I later change the height of my returns or drains? For flow, noise, safety, etc.
5. Will there be room for my equipment? Skimmers, algae scrubbers, ATO etc take up room
6. What happens if a snail plugs a pipe? This can easily happen as well. They go EVEYWHERE.
7. What happens if I need to replace my sump? I had to rebuild my sump twice because I was learning to use silicone... Valves, geometry, and unions made his elatively easy.
Try to think about all the "what ifs" and have a plan or two.
Good luck!