I agree with Dana Lee and ...

I agree with Dana Lee and Lokesh Pun.  For best control, averaging peak conditions over time is the solution.  Normally one day's retention is a good way of averaging production variations, because it will normally be repeated daily.  In your case the total flow is low, so the equalization tank is also small.  Therefore, if you have space, go for larger equalization.  If possible you could begin treatment by having air introduced into the EQ tank.  With the COD and BOD present, you could treat with aeration, then clarification.  You will need to remove sludge (floating or sinking, depending on the nature of your TSS.  What discharge effluent limits are you required to meet?