I assume that simply purchasing a new pump is out of the question? I only mention it because I've recently started researching DC pumps for my 240 gallon project, and they are amazing for several reasons: less energy used; less heat put off; and completely controllable flow rates. You can ramp the flow up or down as required with a digital controller attached to the pump. The salt water guys apparently turn them down or off when feeding - there's even a button for that which pauses or significantly reduces the flow for 10 minutes before going back to the set power level.
If that's not an option, then yes, a ball valve and a t union would work for you. I have had a ball valve on my Laguna 2000 pump since the day I set it up, and I've had no problems. I only have the flow restricted slightly, but if I let it go full blast, I'm pretty sure it will pump faster than my drains can accommodate. Have you considered using the t valve to have 2 returns into the tank? Maybe one on each side, or even on positioned lower in the water column?