Will this work? It sucks from the bottom and the red line represents the water level in the event of a power failure...... Or at least that's the way i see it.
Here is a slight variation of your design that I made for richardhmc. He has the overflow in the wrong tank, but you can get the idea how it works. I have used this design on fry tanks. It has a lower flow rate than the DIY overflow in the sticky thread because the tee is at the waters surface.
I flow tested the one I made for richardhmc and found that it was piss poor. I had to make him a second one; his tank is a 55g. I don't remember the actual flow rate though. You will have to play with it and find out. Expect to use large diameter pipe through out. I used 3/4 inch for the inverted U pipe.
With two overflows made with at least one inch pipe, you should be able to get in the range of 300-600 gallons per hour. The farther below the surface your tee is, the more flow you will get.