The skimmer would work good on a 116 gallon system.
However the pump wouldnt work too well on this system. You want to have about 10x turnover with a return pump taking into account head height and other variables.
The 10x turnover guideline kinda dates back to when we were using return pump flow for water movement in the display. Assuming you have powerheads/wave pumps in the display the flow through the sump can be dialed back a bit. But that 538GPH pump with head losses will still probably be a too small.