Ok, you asked for what we think, so here I go.
Generally what you plan is ok, nothing seriously wrong there.
However, look at the amount of money you are going to spend. So far you have about $1500 spent on the system, and no livestock yet.
You would come out way ahead, and not spend that much more money if you used the 55 gal tank as a sump, and got a larger tank and stand. I'd recommend a 70 gal or 90 gal tank.
You don't have the stand yet. So that's a new cost anyway, and getting a larger tank will let you get something that is reef ready, in glass if you like, and you'll avoid a lot of floods that external hang on tank overflows can "provide".
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