Given
You have a VFD
you have two 119 gallons tanks, do you have room for more?
Do you know the typical diurnal demand curve for the facility?
(how many hours per day do you need 10 gpm, 50 gpm, 230 gpm...
What is your goal?
1) save money I would assume.
2) provide a stable constant pressure.
3) minimize extreme well draw downs to avoid certain water quality issues.
In any case to achieve the goal, you need to run the numbers.
If your goal is to save money:
Get the pump curve, this is more than one curve since you are using a VFD, if you can not get the multi speed curve use the affinity laws to get the other curves.
Use the system demand, system curve, and pump curves to find the BEP of the SYSTEM, this would include suction head, discharge head, friction losses, at each of the flows in your diurnal curve.
I assume you are drawing from a well which may have a high or low specific capacity, this will change how the numbers come out. In your calculations include the parasitic losses (3-5% constant from a VFD), head losses from a Cyclestop valve if you choose to change out to that type of control, losses in pump efficiency from running pump beyond the expected operating range.
Add in some costs for each start cycle. (more starts = shorter pump life, more important in the big motors).
Add in costs for shorter pump life when running out of normal range (that is, normal range for that speed).
My point, there is a set of operation points that will result in lowest operating cost, but you will not know if you are there unless you run the numbers.
As an example, if the well has a low specific capacity, it is more efficient to run the well at a slower pumping rate for longer run times. To do this you have 3 options, use the VFD, install the Cyclestop (or equal), or put in a smaller pump. Each of these solutions have capital and O&M costs. They also have other drawbacks such as, if you put in a smaller pump you may not have enough water when you need the high flows and then you are sacrificing customer service to save a few dollars.
Hydrae