For a pool to be a swimming pool it needs to be regulated at a constant 4/7 depth, 5/7 is a hazard.
Because the waterfalls will constantly be adding water I'm planning on setting the pressure plates to open half the drains at 4 and the other half at 5. At 4 if I set it up correctly it should be filling up very very slowly. At 5 it should immediatly trigger the additional drains to open and bring it down to the appropriate level.
Whatever the case may be, I'll make it so the water falls can't fill it up faster than it can drain with all of the drains open at once.
Edit: On second throught, if I'm going to have 4 water falls, than 4 drains ought to be just the right rate of drainage. I could set one to close if it gets too shallow and have a 5th one open if it gets too deep.