OK... Mission accomplished! Smitty, I considered your advice in plumbing the wet/dry to the sump... I even ordered the bulkheads preemptively.. however... while waiting for them to arrive... I spent the last day and a half sitting in front of the tank contemplating my situation. I decided that since the water level in the wet/dry was the same height as the overflow plate in the sump.... if i lowered the overflow plate it should lower the water level in the Wet/dry too..... and it did.
So in the end, i drilled the (6) extra 2 3/8" holes for nothing and ordered (7) bulkheads for nothing... (I'm sure if i pay return shipping, i can return them). But the results are perfect. My water level is 5" from the the top of the wet/dry. I did a simulated power outage and the water level only rises 3.5", leaving me a good 1" - 2" from the top.
I'll post some pix of the 'bare bones' tank tomorrow, just want to let the water clear up overnight.
Thanks for all the suggestions.