The way you suggest is the way I have mine hooked up.
What you have to do is look at the manufacturer's specifications. A chiller is designed for a GPH range, so you need to be somewhere in between. Really though, you can't go too fast, you just need to be sure you don't go too slow (it can freeze up).
Once you have your range, look at the specs for your return pump, remembering to take into account the head you are running at. If it falls within range, go for it.
If it's too fast, then you need to do an arrangement like the attached professional-looking graphic.
The circles are valves, the lines are pipes.
Red represents what you likely have in place, more or less. Blue is the new lines or alterations that must be made. Purple circles are new valves.
You have two new valves... one that bypasses the chiller and one that is on the chiller's OUT line (in retrospect, I did this wrong, that valve should be on the chiller's IN line, but you get the idea). By manipulating these valves, you can control how much water goes past the chiller and how much water gets diverted through it.
