There is one serious flaw in that system, and that is if the power goes out then tanks one and two will syphon all their contents down to where the syphon breaks into the third tank which will over fill and then spill onto the floor, which is the precise reason why standpipe over flow systems are preffered over syphon systems for tanks with sumps and multiple tank systems. The only safe way to use a syphon system is to fit an overflow box to each tank http/www.melevsreef.com/acrylics/overflow.html but to be honest it would be far simpler to drill the tanks and plumb them all in together.