It certainly could be that simple; that's what I have done with numerous builds over the years with excellent success. Others will chime in with suggestions for more complicated designs with assorted oddball names, many of which seem to exist only to reduce the noise of the overflow "slurping" water, and if your tank is in a location where this is important you should check into those ideas.
My overflow-equipped tanks are all in my basement fishroom or workshops, and between the background noise of pumps, fans, etc. I don't notice any irritating noise from the overflows; being deaf as a post probably has something to do with that as well.
I drill the bulkhead hole right at the desired water line, and usually attach a Tee fitting so that the main water intake is from near the bottom of the tank through a vertical pipe attached to the bottom of the Tee. I put a 90 or 45 elbow into the remaining horizontal opening of the Tee, just slip-fit without any glue or threading so that I can adjust its angle such that a small amount of surface skimming takes place to keep the surface clean.