depends on a few things I think.
How large are the overflow drain holes? If they are smaller you might want to run both to the sump to get some decent flow through, assuming your using the sump for skimming or some kind of refuge, and drill some new holes in the tank for the closed loop. Otherwise it's not a bad idea.
Also you'll probably have to choke back those pumps, 1200gph will probably be too fast for anything but a big 2" hole (not exactly sure on the size, I think a 1" hole does 700gph).