I don't know if I would go to all the effort to drill an already set up tank. If you drill the tank, I think you will still need to create an overflow box (could be inside the tank) in order to pull the dirtiest water from the top of the tank.
I use a HOB overflow and have had no problems. I prevent siphon loss by having an air tube from the top of my overflow box to my pump on my skimmer, it always starts the siphon right back up after the power comes on (I have already experienced 4-5 power outages this winter). I also have siphon breaks in my return line right below the normal water level in the tank. My sump is able to contain the water that will siphon out, until the water goes below the siphon break) when the pumps are shut off/power goes out.
Have you checked with Larsen glass in Puyallup? I used them years ago to order some special glass for a project. Don't know if they are still there though.
Edit: You do not need to buy a premade sump, you can make one from any tank that will fit in your stand, I have also seen them made from rubbermaid containers. Try searching the DIY forum for sumps to get ideas. As far as size I would reccomend the biggest that you can fit, I do not think you can have too much water volume.