The things you have to think about are...
How often do you want to add water to the sump? if you are doing weekly water changes this is less of a concern.
What will the bio load be? My 265 has a huge bio load on it and I filter 2500gph. In the sump I'm using 10 gal will bring the water level to the bottom of the bio balls. I have around 2.5-3 gal of bio balls.
I lose 6-7 gal a week in evaporation so if I miss a week I'm sucking air.
Remember if you are building your own sump you will need to drill a hole in the return line just below the waterline to prevent siphoning ( I've seen after markets without this so be shure to check ) a HUGE amout of water back into the sump and onto your floor ( heard about a guy who got 50gal on his floor...guy looks a lot like me..

) in case of a power outage or when you shut the pump down to service the tank
You can never have too many unions and shut off valves...be shure you can get the pump off without cutting pipes...also be shure you can stop the flow of water from your overflows.....If you are using PVC pipe have you seen the PVC pipe cutters? They look like pliers with a blade ,cost like $10 and they will cut pipe up to 1-1/4"> They cut it straight and clean ....They are a must.
http://www.plumbingsupply.com/pvccutters.html
Menards has them cheaper.
Always make shure the overflows can out flow your pump...and I don't mean if your pump can put out 1500gph get overflows that can flow 1550gph...you need more like 1700gph or more.
That should give you some things to think about.