Yes I have plumbed a grow out tank to my main tank to ensure exact water parameters... I've done so in a few different ways...
As mentioned, to do what you have described ('grow out' tank below main tank), you will either need A) a drilled tank set up with some type of overflow, B) a non drilled tank utilizing some form of "hang on" overflow box.
I'm assuming by the sonuds of this you do not have a drilled tank. I'm personally not a fan of overflow boxes as most of them come with some risk of failure. But I've seen a couple that are nearly fool proof.
I previously had 5 of these racks and several others with smaller tanks in my garage. I still have one of these set up in my living room (and a few in storage).
the bottom tank is a 75 gal (48" x 18" @ 21" tall) and the two upper tanks are 50 gals (48" x 18" @ 13" tall). The two top tanks are drilled and utilize an overflow to allow water to fall down into the tank below. It utilizes a 700 gph pump (at zero head) to push water from the bottom tank up to the top tank.
I loved this set up for plumbing fry tanks to a main tank. The first pic is a diagram so you understand it and the second is all put together.
This set up uses a simple powerhead to push water from the main tank into the fry tank. Then a couple PVC U tubes are used to maintain a siphon back down to the main tank. Relying on a siphon does come with a certain amonut of risk, but I found it very very simple to ensure no air at all ever got into the siphons from the fry tank to the main tank. I used a simple sponge prefilter to prevent the fry from getting sucked in.