I've never actually done this...but....If the acrylic panel that makes your overfow is sealed to the tank and holds water, I would do a threaded bulkhead and a threaded PVC cap with teflon tape. I would recommend that you make the overflow tower hold water, make sure it's sealed, re-seal it if it leaks, etc. I have VERY often thanked the fish gods that the guy that made my tank made the overflow chambers seal well and not leak--I can empty the overflows with the fish in the tank, I can change bulkheads with the fish in the tank, I can remove standpipes, etc.
If not, I know that some other members here have intentionally installed a drain on their tank--like drilled a hole so they'd have a drain. Maybe you'd like to have a drain on your tank? I gotta admit, if you don't have a drip system and you're gonna be changing water on your tank once a week, it'd be really nice to just turn a valve and drain the tank into the yard.
Read Egon's build threads he talks about it, and shows how he ran drainage underneath one of his tanks. Something to think about, since your tank kinda already is drilled low like it is? Make that a drain, or if you have 2, a closed loop system maybe?