It really depends on the kind of fish you keep, and what they might require.
If you use 3 x 1/2" returns you will creat pressure with lots of turbulence, and get lots of surface movement (aeratinn), and directional flow from each. If you have riverine fish this may be optimal.
If your fish prefer calmer water (types such as anabantids or discus) larger pipe diameter like 2 x 1.5" , this will provide a less focused gentler result.
Centrifugal pumps, are made to be throttled back at the outlet end, so the back pressure from reducing the pipe size is not problem.
Because many of my fish were rheophillic and preferred a highly oxygenated strong current environment, I always kept my returns 1/2", and throttled them btack more drastically to provide lots of turbulence as water returned to the tank, as in the photo below.

I would sometimes add venturi valves to returns which concentrate flow even more, and suck air into the discharge, to creat even more turbulence and provide extra aeration
