^^ 300-500 gallon pump is not close to enough. After headloss you're looking at about 200-300gph That's not nearly enough for most species, much less Oscars.
And you size your drain/s to match your pump, not the size of the sump. As long as your drain can handle your pump it doesn't matter what size your sump is. Siphon breaks and or check valves prevent flooding.
A simple ball valve can be placed on the output side of many pumps to throttle flow. Personally I run mine wide open and throttle my drains accordingly.