If your flow is slow because of the diameter of your bulkhead then building an external overflow and having the water flow THROUGH the bulkhead would roughly give you the same amount of flow.
You could try an external overflow box with a larger GPH flow then increase your return pump to match the greater flow.
If you want to go the cheap route you can build a DIY PVC overflow and then just use your current hole as your emergency overflow to prevent flooding.
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