I think the inline pump leaking thing is a silly argument. Plumb it right and it wont leak.
Either way can work great. On my tanks I prefer
submersible pumps for my returns, becasue i have a bunch of other equipment, (my closed loop pumps for one), that need to go under the stand as well. A mag 12 could be a perfect size pump for your return, but need to know what kind of skimmer and
skimmer pump you use to really size it correctly. I use a mag 12 on my 90, but i T off of it and it runs my chiller as well, so i am actually only using about 600 gph of it for the return.