What is the GPH rate of your Iwaki, or what model is it?
Before you use it on your SW make sure you open up the impeller housing and give the exposed surfaces and components a good wash down with some tap water.
I like to take a 5 gallon bucket filled 3/4 of the way up with water and put it outside with the pump in it. Plug it in to an exptension cord and let it blow the water out along with anything else that you couldn't get to when cleaning. But then, I'm a little excessive at times.
Back to the subject though, as long as the pump can move water back into the tank fast enough to keep up with the overflow then the pump will work fine. If it fills too fast and starts to overflow the tank then go with a smaller pump.