The "water falling down a pipe" problem has some pitfalls (whether water or fuel).
If the pressure in the pipe right below the upper tank is essentially atmospheric, then flow will be limited by orifice flow, and flow rate will not increase as the pipe drop changes, etc.
If you assume that the entire pipe is full of fluid, you can calculate some enormous flow rates using Bernouli's equation. Be sure to check pressures back up the pipe, in particular to make sure they don't calculate out to negative (either gauge or absolute). Bernouli's equation is an energy equation based on the beginning and ending points in the pipe, and all the in-between points are neglected. This can give some very unrealistic effects. The pipe friction may be enough to prevent this effect, or may not.
The catch is, you typically don't know what the presure is at the top of the pipe, so you don't know which of the two cases above applies.
I would be very hesitant to use droplet size, drag coefficients, etc., in an effort to calculate flow down the pipe, without experimental backup. I can't imagine that a drop goes very far without contacting a pipe wall or another pipe.
Several points I can think of that may become important. You should have considerable thrust at the elbow and considerable drag on the lengths of pipe. You may get pipe movement there that you wouldn't normally expect. (IE, how much does that pipe stretch just due to friction force?) The stream at the outlet could be like a firehose several times over.
If the bottom tank is 3/4 empty, and person topside thinks it IS empty, you have problems in a big way.