Well with the loss from the SQWD (~20%) and the los due to the elbows and bends your probably around 500GPH which should be OK with 3/4 but you will get more flow with a larger pipe. Since the flow is already pretty low however I think I would stick to 3/4". It probably only makes 30-50GPH difference (between big pipe and small pipe) and that is not worth the plumbing headache and big pipe ugliness!
You won't have to worry about the height on a closed loop since it is drawing from the same height is is returning there is no real head pressure, only frictional presures from the pipes, bends, SQWD, etc.