If you can install this size sump without too much stress and strain on you physically, mentally, and financially, then I say go for it.
That size sump seems like overkill but there are obvious advantages to the extra water volume (water parameter stability) and more room for live rock and sand outside the aquarium which allows for a larger bio load in the aquarium.
However, there are also some disadvantages. Significantly increased water size changes and top off for evaporation, increased expense of RO/DI water (size of unit, volume of water produced, extra expense for filters), salt, plus the expense of the container used to hold the water, need for more heater wattage, and an expensive pump to pump the water up to the tank. It could also get easier to 'put off' checking things. I am sure you have probably already thought of this stuff.
I have a 180 gallon and also wanted the largest sump I could fit under my tank. I was able to fit four 30 gallon rubbermaids side by side, all connected with two one inch bulk heads. The return water comes back into the middle two tubs which are filled with live rock and
macro algae. The water then flows into the outer two tubs where the return pumps, protein skimmers, and ocassionally carbon/phosphate bags are located.
I really like having the extra 60 to 70 actual gallons in the sump. My bio load is increased by the extra amount of water volume, but more so the extra live rock I can fit in the sump. This also frees up a lot of room in the actual aquarium. I don't need to cram all the necessary rock in there, allowing for some nice open style aquascaping.
I am satisfied with this set up and feel that the sump is just right.
I would be very interested in hearing what you decide to do.