At one time I thought I had drawn this thing out in Form Z but apparently I either didn't or I lost it.
Here's a real quick sketch in exploded view.
First, its important to note that I built this thing like a tank because I was planning on putting a 10 gallon on the bottom shelf. I'm not so sure the bottom shelf has to be so solid if its not supporting another tank.
The back legs are rotated 90 degrees from the front because the stand is so shallow and because I needed to be able to put the 10g in. Otherwise, both front and back legs would have been positioned with the wide side facing front.
I made the legs long enough so they extend 2" below the bottom shelf. You could probably get away with a couple more inches if you wanted. I installed threaded leveler feet in the bottom of the legs. With the weight of a 29 gallon thats no big deal but it might not be so cool for a heavier tank.
I countersunk all my screw holes with the intention of filling them with plugs later. Unfortunately the drill bit I used was just slightly larger than the dowel I bought to plug the holes with :argh Another solution is to cover the whole thing with plywood. I was in a rush when I made this and it was cold so I couldn't get the proper ventilation to stain/paint. I'll be covering this one with a fabric curtain.
Lastly, the plywood is thin. I said 1/2" but it might have even been 1/4". The point of the plywood isn't really support so it doesn't have to be thick. Its just tying in the framing. Notching out for the legs on the bottom piece is a bit of a pain but it worked out okay for me.
I was able to build this with four 2x4x96 pieces of fir and one 2x3 piece of plywood. It shouldn't take a whole lot more to build one for a 55.
Tom