An overflow is the preferred and recommended way to go, but it is not absolutely necessary. You can do the gravity fed thing, but you'll have to make sure your return pump's flow rate matches your gravity pull rate (i.e. make sure water is going into the tank at the same rate as it is leaving the tank).
As for overflow boxes, the big 3 seem to be Amiracle, Lifereef, and CPR. From what I've read, people either love of hate the CPRs. I've never heard anything bad about Amiracle or Lifereef boxes.
FWIW... I have 2 CRP boxes. They are pretty good. Not great, but they get the job done. Overall, I'm pretty happy with them, but if I had it to do over again, I'd probably look elsewhere - most likely the Lifereefs.