I hope I caught you on time before you started..
Given the current setup of having 3/4" pvc to the sump, there is no way that 300 gallon is getting the proper filtration. I'm not sure how your buddy managed unless it was stocked as if it was a 75 gallon?
To achieve your aquariums fullest potential for stocking, either for present use or future, I'd drill another 1 1/2" hole. I'd convert the current 1 1/2" to all 1 1/2" pvc and fittings with as little elbows as possible, try and keep it a straight shot. As soon as you introduce a smaller pvc fitting or pipe anywhere in the process, you're bottle knecking the flow of the entire system, regardless of how large of a pvc was used somewhere else in the system. If you continue using such a small overflow, you will have to use a small return pump or include a valve on your return system to restrict flow in order to avoid an insane amount of gurgling etc. from the overflow.
In my opinion, 2" holes are ideal because of the abundance of pipe and fittings, 1" 1/2 isn't bad either, anything below that it's harder to find parts, not to mention the flow is so minimal that they don't accommodate the proper filtration for aquariums larger then 75 gallons..
Let me know what you think!