You have to determine the overall turnover rate you'd like to achieve in the tank...The overflow is dictating what you can handle that area, so if you want a turnover of 20X your tank volume, you would need to make the difference up with the CL....I'm not saying the overflow couldn't handle a bit more, but highly doubt it will.....Usually overflow sizing is 6x6 and usually they put a 1" bulkhead inside......for whatever reason yours is 5x8 with a 2" hole.......the hole will handle it for sure, but don't think the overflow itself will handle it......
Your CL doesn't have to be along the bottom of the tank....It could be along the top rim, and I'm sure there are tons of pics here of people that have done the same.....Actually I had the same idea for my system and have constructed a pvc manifold for the bottom of the tank......
The manifold is constructed of 1" PVC with "T's" as my outlets......I have the manifold built so that once my LR is in place it will actually be underneath the LR and will be able to put locline or other fittings to direct flow where I please......I'm trying to figure what I can push through the manifold due to line size.....Pumps aren't an issue with me.....I'm using the HammerHead or return and my chiller which is located remotely, but at this point not really sure if I'll have enough to get the flow I want out of the pump.......
My other option was to use the same manifold, but instead of using it off my return pump was to tie into my CL system, which has dual 2" drains and feed the bottom manifold with a separate pump and push it as hard as I can.....Hopefully tomorrow I'll get the flow meter installed and a pumped hooked to it and measure what the flow is........