I have a loop in mine so if i wanted to go larger i could do a bypass amd it loop back amd not go through the sump. But with a mag 7 depending on the headloss you might get away with dailing it back.
I agree with Grouper. As long as you don't stop flow entirely it will have no ill affects on the pump to dial it back. And, to your original question, I believe you will be fine with 3/4" drains.