It sounds like the tank was designed to run 1" drains and 3/4" returns through each overflow tower, but you have other options:
1. Use all holes as drains and run returns up the back of the tank. This would give you the the abilty to run higher turnover if you are unhappy with the 1,200GPH that the two 1" drains would get you.
Running all holes as drains, you get the followring:
1" drain- 600GPH
1" drain- 600GPH
3/4" drain- 340GPH
3/4" drain- 340GPH
Total maximum capacity of drains is increased to 1,880 GPH.
2. If you are comfortable drilling acrylic (and there is enough room to do so) you can drill larger holes so that you can run 1.5" drains and 1" returns. You would want to be careful that there is enough room for the larger bulkheads, but if you have the room, I think it's a good option.
PS- drains should always be larger than returns...I can't think of any circumstance where you would want to run the 3/4" bulkheads as drains and the 1" bulkheads as returns.
I am a big fan of Laguna Max Flo pumps. They are quiet and very energy efficient. I would consider returning the Mag and going with a comparable Laguna...it would probably pay for itself in a year of use versus the Mag.