A good way to regulate the outflow from the tank is with an overflow box hung on the back of the tank, as in this photo:

The large grey pipe on the left is the standpipe, or drain. The two transparent hoses on the right are siphoning out of the tank.
How this works is:
1) Water siphons out of the tank and into the box, so that the water level in the tank will try to equalize with the level in the box.
2) Water drains out of the box through the drain pipe, but the water level cannot drop any lower than the inlet of the drain pipe.
Thus, the water level in the tank can only drop as low as the top of the drain pipe, and can do so without breaking the siphon of water out of the tank. You can adjust the height of the drain pipe to suit your setup.
As for the new water going into the tank... I think a float valve is the only way to go. It would be safe to use an electric float sensor only if it operated a pump (not a valve), so that in case of power outage the pump shuts off (the only safe way of doing the electric-valve approach requires that the valve's default position is "closed"... or that one uses a UPS to power the sensor/switch). An in-line check valve from the pump will prevent back-siphoning. You can get a large water-supply-sized check valve from the hardware store in the PVC/plastic pipe section.
here's a link to the diy overflow box:
http://www.cichlid-forum.com/articles/diy_...ss_overflow.phphere's an overflow w/ a skimmer box:
http://www.cichlid-forum.com/articles/diy_overflow.php