I'll attempt to tackle the second part since I've drilled a few tanks in the past.
I assume you are talking about bulkhead size not actual hole size and I'm also assuming your talking about the hole for the overflow to the sump.
A 1" std bulkhead requires a 1 3/4" hole and is capable of flowing approx 600-800 gph depending on how you setup the overflow.
The actual size bulkhead used is really determined by what size return pump your using and it's rated flow (takeing into account head pressure calculations)
Let us know more about you plan ---- corner overflow or just drilled at the top ?? If at the top are you going to install an in-tank elbow to do a more proper job of
surface skimming?? Alternativly you could drill the bottom in the back, add a bulkhead and a standpipe and that could also be used similar to a corneroverflow without haveing to install any extra glass/plexi. I have done that in the past w/ a 10 gal and it worked well (Rainbow LifeGaurd pump)