Yes and no...a closed loop essentially draws water from the mid section or bottom of your tank, runs it thru a pump and straight back into the tank. At no point should the water be exposed to the air, hence why it is "closed".
However, you could possibly still incorporate an overflow as part of a closed loop system. But not the type as illustrated by Zapins. If you can construct a Bean Animal type o'flow...
...whereby the uptake tubes remain submerged beneath the waterline, you should be able to end up with a closed loop, provided the water is pumped directly back into the tank, and not via a sump or trickle system or the like...