Well I guess flip side is if it's just a grow out why bother with the sump? You could toss rings in a H.O.B. filter and make it even easier?
Hard for me to think filter for just 120 as I tend to tie several tanks together on each system.
I keep mostly rays, some eels, and toothy fish. Very heavy bio loads, so there's lots of bacteria and we all know the lifespan of that stuff is very short so it's possible to have great mechanical filtration but still have loads of dead bio that plugs the surface area of the porous ceramic bio material. So I had to clean the bio. Not really a big deal with rings, but with 6' pot scrubbie and bio ball filled wet/dry towers it wasn't real fun. Easy to understand why I like K1 - stick a sock on the output side of the bio reactor and that "mum" problem is gone.
In regards to your plans.... I'd go 2" over 1.5" for the drain, and make it a little lower in the tank so you can put an elbow on the drain. This way you loose less water to the sump. I just stick gutter guard in the elbow and make it tall as the lid. Just be sure dead fish can't plug it like the top strainer pictured.