An overflow can not flood your sump. I think you are misunderstanding the function of an 'overflow'.
What you are proposing is a siphon from your tank to the sump, with a hole drilled just below the water line. and you're right, that would not overflow the sump because the hole would stop the siphon. However, when the power returns and the pump turns back on, your tank will overflow as the pump pushes all the water from the sump to your tank.
All you need is about $8 in PVC and supplies and some free time. A DIY PVC overflow is simple, safe, and effective. There are many threads about building them here on the forum. I'd suggest giving the stickies a good read through.