So we will be saving our money and not getting a new overflow box. Proceeding with keeping the internal overflow and modifying the existing drilled holes for the drains (and possibly use one for the return).
@a.little.hypertonic seems reluctant about drilling new holes in the tank.
I currently have a pvc adapter on order to switch the larger pipe to a standard 1¼" pipe under the tank. I'm going to keep the "bulkhead" that came with the tank so I can utilize the existing plumbing inside the overflow.
I haven't had a chance to test the drainage capability of a single 1/2 outlet. That's still next on the list. If it is able to handle the full flow, then that may seal the deal and just go with the larger pipe as the main drain and a single emergency drain. Then use the other 1/2 for the return. If she says screw it, I want dual returns drilled in, then bean animal it is!