So, like DN said, each overflow tower has 2 holes--a small one is for the "return" line, the larger one is for the "drain". By "return" I mean the pipe from the pump output back up the overflow tower and back into the top of the tank. The return line takes filtered water from the sump and shoots it back in the tank--it "returns" water back into the tank. The "drain" line drains water into the sump when the level reaches above the level of the standpipe. Gravity just makes it fall into the standpipe and back down into the sump.
You want the drain pipe to be larger diameter than the return.
The drain is an open standpipe that should be the same height as the very bottom of the teeth on the weir cut into the overflow box. You should probably put a strainer on the top of the drain line/standpipe.
The fill level of the sump is very important. Because if electricity goes out, and pumps go off, some water will drain into the sump. If the sump is too full, that draining water during a power outage will overflow the sump and end up on the floor. Test that, and mark the correct fill line on the sump with a piece of masking tape and a marks-a-lot.
A plain old drain to a sump will draw in lots of air which makes lots of noise--like a toilet flushing all the time. So, you'll want to read about a "Durso", "Herbie" and "Beanimal" style overflow. Those are ways to make your overflow drain quietly. I run a Herbie style, and after a few weeks playing around with it, it is dead silent.
If I had to guess, I'd say the return lines are 1 inch, and the drains are 1.5 inch. The output of your pumps is 1140 GPH each, for a total of 2280 GPH. So 2 1.5 inch drains need to be able to drain 2280 GPH. If they are draining at full siphon, quiet, with no air being drawn into the drains, 1.5 inch drains will definitely handle your pump output. If they are drawing in air and they're loud, I have no idea what they'll drain. You'll have to just test it out in the garage where a flood won't ruin your floor. See this link for drain rate of various pipe sizes (
http://www.reefcentral.com/forums/showthread.php?t=1814606)
Here's a link to an explanation of Herbie style overflow, with diagrams. (
http://gmacreef.com/herbie-overflow-reef-tank-plumbing-method-basics/)
How many holes, and what sizes, are drilled in the tank at the bottom of each overflow tower?