I dont see why this wouldnt work..
BUT
I would put some sort of siphon break on both tanks, eliminating any danger of draining one tank into the other, and over flowing the second tank onto the floor.
Because with this set up, even under no power, the top tank will still siphon into the bottom one. A check valve might prevent the overflowing of the bottom tank, but wont stop the top tank from draining. so the siphon brak would be necessary. You could easily do this bu locating the intake on both tanks high up in the water column, within a few inches from the top. that way it would only siphon off that much water and then stop. (does that make sense?)
Also you could control flow with the ball valves as you have in your diagram. Idealy if both tanks were on the same level shelf i think it would be alot easier to manage and make work.
i think you could make this work, but there would be a delicate balance of mechanics to keep it working correctly.