I have always used my overflow to feed my ATS on my 75G tank, never once had an issue in the 3 years I have been using at ATS, actually, it has always worked better than using a dedicated pump for me. I only have 1 overflow line though, never tried it with 2 drain lines.
Then again, the pumps I have used have been less than stellar when I use a dedicated pump (ViaAqua, Magdrive, any other crappy pump I have laying around). All my dedicated pumps get clogged with algae if it is near the ATS and they all have trouble restarting after I unplug them. Your situation may be better since the pump is away from the ATS/light so it shouldn't clog with algae like mine do in this type of setup.
Old video when I first started testing LEDs showing how I remove my screen. You can hear the water rushing out of the slot from the overflow once the screen is removed.
http://www.youtube.com/watch?v=9wGllg25vvQ