I just finished making the loop and completed it without the pump. In other words, I made a gravity return system. It seems to be working well except 1/2" swing valves thumps when I'm using the hot water in the far bathroom. The swing valve is slightly tilted so the valve stays cracked open a bit. I did this instead of drilling the 1/8" hole in the valve others suggested.
I had a difficult time using a 3/4" brass nipple where the hose bib used to enter the tank. I threaded an elbow ( 3/4" FIPS to sweat) on to the nipple and, of course, it didn't line up at 90 degrees when fully tightened. I probably should have used a union. That is how the valve tilted in the first place.
Anyway, maybe I'll slightly close the ball valve I have in the return loop to slow down the flow. Hopefully I'll find a balance between a working return loop and no swing valve thumping.