well since the whole system contains more water then what you'd want in the tank (if you consider the sump/fuge, drainline, returnline). The extra water that the pump pushes into the tank overflows (hence the name) into the overflow and then is siphoned down into the sump/fuge. The only concerns are:
1) that your overflow can handle all the water the pump is pushing into the tank (a 600gph overflow would not be a good choice for a 1000gph pump)
2) the siphon is broken due to air getting into the overflow (not a problem if you buy a quality overflow like a lifereef).
3) Power outage braking siphon (also not a problem with a quality overflow)
How's that? Does it make sense?
HTH,
Brent