Sounds like a reasonable way to test the overflow actually.
Couple things to consider when doing the test.
1)
The amount of water leaving the drain obviously is determined by the amount of water entering the inner box.
2)
The way these things work is affected by the "difference" of water level elevation between the inner and outer box.
If the inner box is completely full, and the outer box water level is not lower then the inner's - you will not have much differential. In other words - the higher the inner level is "relative" to the outer box water level - the more flow.
If both are near equal levels - flow will stop or reduce drastically.
That's why the inner box most always has the plastic wing nut adjustment.
You want the inner box ( tank side ) level higher than the outer boxes level.
3) You should mount the overflow in a bucket or rubbermaid container - then set this container in the bathtub.
Simulate an aquarium/tank - and then add water to the container and let it "fall" through the teeth of the inner box.
Just holding it up under the faucet may not keep it level - plus it does not allow for the water level to come up to the teeth as it should.
4)
If you can set up the test again, and let it run steady for at least 6 minutes, then multiply by 10 ... I think you'd get a better average.
5)
See if you can get it running so the inner box level is higher than the outer box level - and only then start to measure the drains output.
6)
Ideally the test should be run with a drain hose or pipe of at least 3-4 feet. This is how the unit will be set up on your tank.
The drainline "will" affect how fast or slow the unit functions during your test. You may need to set this test bucket/rubbermaid up on a small stool or rig up stepladder/plywood sheet - to get the test vessle up high enough to allow for the drainline to run down to a 5 gallon "measuring" bucket.
Measure the inside diameter of your U tube, and measure the inside diameter of your drainline.
Post these measurements along with the LxWxH of your boxes.
This will help to determine the things capacity too, and maybe we can figure this out better.
If all of this is too much bother - I would understand completely.
See ya