I think maybe the confusion comes from the terms "Rating" and "Actual"...
You want the pump to return (actual) "Less Than" the overflow can take out (also actual, but based on rating)...
If you return more than (actual) the overflow can take out (actual) the tank will over flow...
If you return less than (actual) the overflow can take out (actual) it will not overflow...
Overflow "Actual" and "Rating" will be similar, because it is a "Drain"...
Pump "Rating" and "Actual" will be different because of head pressure, line size, elbow and outlet restrictions...and you may need a higher "Rating" to get the proper "Actual" flow you want....
Does that help any..??
why doesn't the the stand pipe draw air when the tank water gets below the level of the teeth in the overflow box?
It does...and the water stops, slows or matches flow (draining)...Actually the water level in the tank stops at the overflow box teeth level and the water "IN" the overflow box stops at the "Standpipe" level...(which should be slightly "lower" than the overflow box teeth level...)
See "picture" above...