I would say 3/4" is on the small end, and the smallest I've seen applied has been 1". This doesnt mean it would not work for you, however. Did the previous owner use as has been described - I'd give it a try.
For the value, a lot of folks have had good success with the Jebao line if DC pumps. They are relatively inexpensive but seem to perform well. I don't use that brand but would not hesitate to try. I currently have a Waveline 10000 II for my return pump and it's worked well for 3 years so far. I had the 12000 for my closed loop where the controller died after 2.5 years - it may have not done well with pump running out of the sump. I have now Ecotech, but it's on the expensive side and would recommend as well. There are a few other DC brands I know reefers use as well with good results. All DC are very quiet too.