If you're willing to expend that much water, it will work. I surmise, though, most of the ammonia will still likely be consumed by bacteria and plants and not discharged with the water change.
I also plan to connect my aquarium into my house's plumbing when I finish out the basement next year, so I've done some number crunching on this before.
(My overflow output will be connected to a reservoir and lawn sprinkler system outside so as not to waste all that water.)
As DrRob pointed out, even if you're simultaneously taking out an equal amount of water (such as with an overflow into a drain), the amount of water added doesn't directly correlate 1-to-1 to the percentage of water change performed. However, it
does correlate at an equivalent rate to the amount of control executed over added solutes (e.g, ammonia, nitrites & nitrates).
What I determined is that if at a steady rate over a given period of time a volume of water equal to your tanks' maximum capacity is added while an equivalent quantity of water is also removed at that same rate, you will have executed over that time period a 63% water change relative to its starting solutes and a 100% water change relative to any solutes steadily added during that same time period.
For example, let's start with 100 ppm medications and 10 ppm nitrates. We'll turn over the water 100% (450l) over the course of a week -- during which time we'll be gaining another +10 ppm nitrates. At the end of the week, we will have 37 ppm medications and 10 ppm nitrates. After another week, we'll have 14 ppm meds and still 10 ppm nitrates. After two more weeks, we'll have 2 ppm meds and 10 ppm nitrates.
To execute a 98% water change in that manner (relative to the start), at least four times the volume of your tank must be turned over. So, if anything spikes out of the ordinary, it will take an additional 4 turnover cycles before the spike is eliminated.
What this means in practical terms is that you need to know what parameter you're controlling, at what level you wish to limit it, and at what rate it increases to that level. The length of time it takes to get to that control level is the length of time during which you must turn over 100% of your tank's volume.
One final example: If you have a decoration that raises your water hardness by 1 dGH every 12 days, to counteract that decor's affect, 1/12th of the tank's volume must be turned over each day using a continuous water change system like this.
Since you're likely wondering from what nether region I came up with these numbers, I wrote a
scripted iteration which loops a number of times equivalent to the number of drops (0.005 mL) in the water change.
aqSize := 450
period := aqSize / .005
ppmGain := 10
ppm := ppmGain
loop period
ppm := ppm * ( 1 - 0.005 / ( aqSize + 0.005 ) ) + ppmGain / period
clipboard := ppm