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I was thinking of using a 40 gallon long aquarium as my sump and was wondering if a depth of 16" will be enough for water to flow through and still be able to catch all the backflow should i lose power.
Generally speaking, ½ the height of the sump is a safe level. You can test the backflow (if any) by simulating a power failure to see what level the sump fills to. You really won't know what it's going to do or how effective your "anti backflow" measures are working until it's tested.
Just be sure you have plenty of towels handy incase you misjudge it