What you have outlined is certainly possible and will work. However, that is going to be one noisy system as the water drains out of that one standpipe. Lots of gurgling. Will likely drive you and the wife mad quite quickly.
If you want to make a quiter overflow system and HAVE to use only the one standpipe as an overflow then do a search for "durso overflow".
Personally, if it were me what I would do is implement a "herbie" overflow system. Do a search for it, lots of examples. One pipe can be your main drain, while the other will act as your emergency. Then for a return run a line from your sump up and over the outside of your tank along one of the back walls of the tank. Definitely build an overflow box around both pipes if you go this route.
You don't really need the canister filter. That's just an extra piece of equipment that you'll have to maintain (clean, inspect, etc), which really isn't necessary if you are running a sump. Just stick a filter sock on your overflow/drain line and run carbon in a reactor in your sump.
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