Have you thought about plumbing the canister filter through the overflow hole for a closed loop system? If you are handy, that may be your best solution. Your intake would be hidden from view, which is cool and you won't have the dead space in the overflow box you would otherwise have if you seal the overflow hole.
If you'd rather not go that route, then I would recommend using a bulkhead fitting and a capped pipe or a pipe that runs all the way to the top of the tank so that it won't overflow and just drill a hole in the stand so that the tank will sit flush. I wouldn't create a permanent solution to a potentially temporary problem. Like others have mentioned, you may change your mind about using a sump or if you end up trying to sell the tank, a capped overflow will definitely hurt your resale value. Who cares if the stand has a hole drilled on the top. That will not cause any problems in the future, but welding the hole shut might hurt resale value and limit your own filtration options in the future.
Just my 2 cents.