I agree with AZDesertRat. There is no way I'd have any sort of setup that relies on a hole or a check valve to prevent a flood. Having a hole to break the siphon is great to reduce the amount of backflow, but it is by no means an effective way to prevent a backflow. Your sump should always be sized to allow the amount of backflow (plus some space) from your DT. I get it that yours is not and you don't want to make a new sump or change your bulkhead location. You need a way for air to get into your return line so that water will stop flowing, that much is clear. HOWEVER, you also need to make sure gravity won't take over and allow the water to flow anyway. The question for you is how to do it so that it is unobtrusive to your aesthetic. The only way you will prevent a flood in a reliable manner is to have the return line sit at a point that is high enough in your tank so that your sump can handle the backflow.
The idea of using a loc-line (or something similar) to bring the return closer to the surface of the water is a good one and the only one I would trust. You might need to rethink your aquascape a bit so you can accommodate a return higher up. hibridazn's idea is a good concept, but there will still be backflow. Water will drain to the lowest point gravity will allow whether or not there is a siphon actively pulling the water. While his idea will break the siphon, it won't stop the flow of water.