If you are running a traditional gravity fed sump and not pushing water through any canister or pressure filters, I would not use an Iwaki. Iwaki's are great for high head applications, but they use a lot of electricity since they are considered high pressure/high speed pumps (the model you linked to draws ~230 watts). If you are in San Jose, you are likely in PG&E territory, which means that you pay a lot for electricity. Choosing an efficient pump is important; it's going to be running 24/7 which means an inefficient pump can get very expensive, especially over time. You would want a low speed pump that's actually going to push a lot more water than the Iwaki, while using less watts.
Note that in the Craigslist ad, it states that the WMD-40RLT does 822GPH, but that's at 0' head. The GPH rating will go down since the pump will be moving water vertically (vertical head) and through plumbing, which creates added back pressure (called frictional head).
Let's compare some options, assuming you have 5' of head in your system and you are in PG&E's third tier ($0.26/KWHr), which I think most average households are in.
The Iwaki (Model WMD-40RLT) will push about 420GPH @ 5' head and draw 230 watts (cost to operate per month = $43.79, or $525.52 annually). This is only going to get you 1.75x turnovers per hour. If you run two of these pumps, you'll be drawing 460 watts and you'll get 3.5x turnover per hour, but at a cost of $87.58/month, or $1,050.96 annually!)
I would suggest running a Laguna Max-flo 2000. This pump will push 1,442GPH @ 5' head while drawing only 80 watts. That's not a typo...with the Laguna you get almost 3.5x the flow, while using almost 65% less electricity than the single Iwaki Model WMD-40RLT. Running the Laguna pump would cost you only $15.23/month and it will provide you with a healthy 6x turnovers per hour.
High-five, I just saved you about $870/year in electricity costs!
If you want to run two pumps, an option is to run two Max Flo 1350, which will do 761GPH @ 5' head on 75 watts. It's less efficient than the Max Flo 2000, but still much more efficient than the Iwaki. I like the idea of running two pumps, but in this case you will have to decide if the added insurance of running two pumps is worth the higher electric bill.
Hope that helps. Good luck with your setup!