Tim - that will work as a basic sump.
One thing to remember - you need to allow some room in the sump for draindown from the main tank.
Draindown occurs when you turn off the return pump and when the power fails.
Some tankwater will siphon back down to the sump, until the siphon breaks and the overflow stops flowing.
You gotta leave a little room above your normal sumpwater operating level. If not- draindown water will overflow the sump.
So .... that hang on filter may not work so well, but it all depends on the normal sump water level, and the amount of draindown at powerloss.
Other than that - you can play around with a rubbermaid container or 20 gallon tank - or whatever .... and see how it works.
I've got a 14 gallon rubbermaid sump under my 75 tank.
Nothing fancy I can assure you - but it works.