This is a bit tricky to explain without pictures, but I think you have got it correct. But just to be sure, let me try explaining it again.
My overflow compartment will have 4 bulkhead drains in the bottom of the tank.
2 of these bulkheads will be connected to the sump, and will include standpipes in the overflow compartment (ie, sticking up from the bulkheads in the bottom of the tank) so that the water must rise in the overflow compartment above the top of the standpipes in order to drain into the sump. In my case, the standpipes will be about 30" high.
The other 2 bulkheads will include strainers, but no standpipes, and will be connected to the closed loop systems (I will actually have 2 separate systems, one connected to each bulkhead). Since these 2 bulkheads will not have standpipes, the water will be drawn from near the bottom of the overflow compartment.
When both systems are running (the closed loops & the sump/return system), the water level in the overflow compartment should stay above the standpipes (ie, 30" from the bottom).
The only way that the bulkheads that feed the closed loops could suck air is for the water level in the overflow compartment to drop below the standpipes that are connected to the sump. But this cannot happen because the water being drawn by the closed loops, from the bottom of the overflow chamber, is being pumped back into the tank, over the overflow partition, and back into the overflow chamber.
Nevertheless, you still do not want to use standpipes on the bulkheads that feed the closed loops because, being too close to the surface of the water in the overflow, they would suck air.