I think we've got you wrong on this, just a little bit. Tell me if I'm reading your intentions correctly or not.
Your drain valves would be used to control percentage of the drain water that's going to the fuge vs the skimmer compartment. There isn't necessarily a problem with this, but having both on there introduces the possibility of having them both closed off enough to flood the display tank. That possibility "should not" exist when you have only one gravity drain on your system - it needs to be wide open.
Having said that, I doubt you'd be able to get more than a few paces from the tank before the overflow started, so I'm not sure of the likelihood of a real accident occurring.
Still, it would be a good idea to consider using only one valve (on the sock drain) and keeping the fuge end of the drain wide open. I don't think you'd really lose anything significant doing it this way either - the valve still controls the amount of flow to the fuge.
On another topic, I think you'll be much better off with high flow though your chaeto - maybe even just running 100% of the drain water through there. It'll limit detritus settling there, should encourage better growth too. Getting more nutrients out with slower flow is kind of a non-issue since it's a closed volume of water that's constantly recycled through the chaeto. YMMV...you may find there are other reasons to slow down your flow besides the algae.
-Matt