I always aim for a sump that is atleast 1/3 of the dispay size. I aim for 5-7x turn over between the sump and display, but pump size has to match the gph of the overflow.
You can buy HOB overflow boxes, but I would just drill. Glassholes sells complete kits, bulkheads, drill bits, internal overflow boxes, and they even throw in some candy. With HOB overflows you always have to worry about losing the siphon. I ran a HOB for 3yrs without an issue but hard plumbed gave me a better piece of mind. Sumps can be very elaborate or very simple. I go simple and use open tanks with matala mat or other pond filter mats as dividers. Its cheap and gives a lot flexibility.
This is my 29g sump for my 120, I used filter socks for mechanical filters and matala mat for dividers and extra bio
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This is my 40g long sump for my 125. I used filter socks for mechanical filters and pond mat for dividers and extra bio.
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Looks like I really need to clean my sump on the 120.