Yes. That's how it's supposed to work. But you do have to have a second drain in order to have an overflow riser to set the depth. The pump fills and continues to run while excess nutrient flows back from the riser. When the pump stops, nutrient drains backward through the stopped pump the same way it flowed in through the bottom bulkhead connector, which it can easily do because of the magnetic drive pumps we use.
This can be done with a bottom mounted riser or by a bulkhead fitting high on the tank side. Using the riser makes it adjustable when you use one of the kit risers, such as:
https://www.amazon.com/Botanicare-Ebb-Flow-Fitting-Extensions/dp/B0002738JQ
I developed this shelf size ebb and flow setup which has almost no tubing.
https://redwing-farm.blogspot.com/2022/04/a-compact-shelf-size-no-leak-ebb-flow.html
And here is my design for an ebb and flow system where each container has only one connection.
https://redwing-farm.blogspot.com/2021/11/a-short-post-on-ebb-and-flow-idea.html
You could build your own tray and tote with this part https://www.amazon.com/Botanicare-Ebb-Flow-Fitting-Extensions/dp/B0002738JQ Then you'll need a pump. flex tubing and hydroton.
I germinate in doom and heatpad, then when ready, I transplant them to the flood tray filled with hydroton, no net pot needed.
Your lighting is fine for peppers and such.
Research your plant height/width dimensions and try to keep them together.
Here are links to the things I've picked up so far for my setup, not counting the 100L of Hydroton clay and any substrate/aquarium decorations I've picked up: