Even though you are only looking to achieve 1,200 GPH (which a 1.5" drain can handle), I would recommend going with a 2" drain. If you ever decide you want more flow, with a 1.5" drain you are stuck. If you go with 2", you can run 1,200GPH without any problems and all the way up to 2,400GPH.
I would also recommend having the holes drilled to accommodate schedule 80 bulkhead fittings, which are slightly larger than the standard (cheap-o) bulkhead fittings. The schedule 80 bulkheads are much less prone to leaking and I've never seen one crack (whereas I've seen lots of cracked bulkheads of the standard variety).
For a 2" schedule 80 bulkhead fitting, the hole should be 81mm (3.18"):
http://www.bulkreefsupply.com/bulkhead-schedule-80-thread-x-thread-2.html
Good luck.