I believe it would work, but I'm just worried about the longevity. I think this tank could possibly just be old, but as I'm taking it apart, I'm starting to lean more towards the homemade side of the spectrum. If it was professionally built, it would probably be fine for a long time, but some of the seams aren't as well lined up as I would expect from a pro.
For bracing and trim, I actually ended up buying some aluminum u-channel and 90 degree trim yesterday. The u-channel is for the top trim, which will include a cross-brace, and the 90 degree is for the bottom to replace the plastic crap. I'm cleaning it up with steel wool to give it a slight brushed appearance, and waxing it for a nice shine. Now I just have to wait for the front glass, which I should get tomorrow, and I have to redo my reef sump today. I can't wait till I finish all this.