a drilled tank is definetly not required to have a sump filter. overflows are easy to make and quite inexpensive. all that is required for an overflow is some pvc pipping and some glue. there is a design for diy overflows in the diy section of the forum and the system works flawlessly. i have been using it for over 2 years now and have yet to have any problems with it.
the only question would be is it worth it to make a sump for a 120 gallon tank. there are many different types of cannister filter that are available for mid size tanks for a reasonable price but if you are set on a sump filter like i said there are plan for both a sump and overflow i the diy section of the forum.
did some digging around and found the link to the overflow for you
www.oscarfishlover.com/oscar-fish-advice.../11687-diy-overflows
hope this helps