Are you pumping from a sump? With most pumps and headloss you should be fine although if the 700gph rating on your pump is with 4' of head you might be in trouble. At what head is that pump rated at?
I like to put a ball valve in my return line no matter what. If the pump is fine you just leave it wide open. You never know if for some reason in an emergency or something you have to connect a higer rated pump. The ball valve allows you to slow it down.