The plan looks better, with the bio-foam filtering the water touch the pump.
I normally turn the water 5-10 times the amount per hour in my fish tank, but that's to promote an increase in oxygenation, which is probably not necessary here.
I would personally go with a 100-200GPH pump
This is my preferred pump for smaller application
http://www.amazon.com/Eheim-AEH1000310- ... im+compact since it has adjustable flow rate, I would set it down to the lowest setting at 150GPH and it would be 7.5 times amount of water.
That Rio 50 is definitely not overkill