water cooling question

i currently have a air cooled hood and was looking into upgrading to water cooling ice box http://www.htgsupply.com/Product-6in-ICE-Box-Heat-Exchanger.asp i was wondering if i can get a like a 30-50 gallon container and put a water pump into it like http://www.htgsupply.com/Product-750-Water-Pump-for-EZ-Clone-30-Site.asp is that all i need to use it i no i should use a water chiller but i dont have the money for that and im looking for a DIY kinda thing

drain to waste with a small solenoid valve to turn water flow on as needed. I would think a 1/4"-3/8" would provide enough flow to adequately cool. I think the icebox comes w/half inch lines tho.