I've read the RC thread almost from the start to the end.
The consensus seems to be that it "might" work with a wave. Basically you'd have to set the siphon to be at the absolute minimum amount of water that could enter at any time. The wave action would produce higher flow periods and lower flow periods, which would mean that the open pipe would, at times, get a decent amount of flow, which could cause noise.
Basically, it wouldn't fail, but it wouldn't be the most silent either.
Though, with a wave, a silent overflow isn't necessarily assured with any setup, now that I consider it.
It's still the way I'm leaning. I love the overall concept. I'm a little concerned about setting it up with eurobracing. I'll have to have the box extend out far enough that I can work within it to setup the pipes, etc...
But I'm still curious about other ideas.