Valve would be good, but hole size is going to depend on many factors like: main pump used, head from pump to tank, drop from overflow to sump, and even the placement of the return in the sump (i.e. clean drop into socks, or u-tube type design).
I have pretty good flow going thru my returns, and my hole size is pretty small, a little bigger than a toothpick. In fact, I have to use a toothpick every once in a while when the hole plugs up with salt.
- rayk