If you want a siphon drain system then by all means, do one!
Doing a search on either the Herbie or bean animal overflow will provide all the information you need.
However, it is not necessary and it would be unlikely to have a flood with a properly made durso and pump combo.
The purpose of the siphon overflow system is to move large volumes of water. It's especially helpful to people who have large systems who want a greater sump to display tank turn over rate. For people with smaller systems, moving a large volume of water from one tank to the other may not be beneficial. Do a search on sump and skimmer dwell time.
The tank you have has a hole in each upper corner. This was pretty common about 25 years ago and you will still see this in a lot of aquarium stores. The disadvantage do not having an overflow box is you will not get surface skimming, not to be confused with protein skimming which is a completely different aspect. The other is when the return pump is off, the entire display will drain to the level of the stand pipe, which may not be an issue if you're sump has enough extra space to handle that volume of water.
I personally would not have drilled there, but that's what you are working with. The external durso provides a cost-effective option for draining to the sump.
If this were my tank, I would build an overflow box where one of those holes were and then a second external box to run the drain line or lines out of. I do not know how handy you are at working with glass or acrylic.
Someone above suggested using both of those holes as return lines and drilling a new third hole probably somewhere in the middle for a modular drain system, there are several on the
market now. That's probably the next best option.