that is what I did when I built my tank EXCEPT for a few small changes:

- I didn't put any screen on my intake (I want everything to just get DOWN to the sump rather than get cloged into the overflow)
- where you put the vent tube for air, I connected this vent tube to my pressure lines comming back into that tank. I did this because my returns from the sump are quite a ways below my water line and as such having these vents connected to my system gives me a siphon break and keeps from draining the tank.
- I just drilled little holes in the cap to alow for venting

overall I am really happy with this setup.