Yes that would be way overkill for a 75g tank. Did you drill this tank yourself? I only ask because I've never known manufacturers to use 1.5" drains on a 75g tank before or 2" for that matter. Are you measuring the pipe from the inside diameter across or the outside?
1.5" could handle approximately 1000-1200gph. I would stay closer to 1000gph for safety sake.
That being said, for a 75g tank with a sump there is no need or really any good reason to push more than 5x turnover through your sump per hour. Flow inside the tank is better handled with your powerheads. So you may want to upgrade a couple of those.
I'd stick with around 375-450gph max after head loss through your sump.
JMO