Not a 2 pumper, the "sump" would have to be lower.
If you go this route you have to take into account the volume of the stream when the pump turns off to keep it from overflowing.
If you have the pump at the bottom you could use and upflow filter buried at the top of the waterfall, like a skippy or sand/gravel.
I have heard a lot of good things about the sand/gravel. Easy to clean and good for both bio/mechanical.
http://www.koiphen.com/forums/showthread.php?t=68132&highlight=birdmans+sand
There are many options, a lot of it depends on how much you want to spend and the results you want. (seeing the bottom clearly vs just healthy) You mentioned its in a shady location. If the shade is from trees you may also want to take into account for leaves/pineneedles if it is under trees.