That's not 720 gallons.
Personally, I think I would want better cross support to make sure the columns won't move. It appears that you are relying on fasteners at the bottom, and I don't think I'd trust that structure to be stable under that load. The 4x4s won't solve the issue of the top moving laterally under a load.
I haven't built stands, but that's what it looks like to me. I'd look for a more sturdy design.
There are some really good designs I've seen from time to time in this forum, so I'd probably look around for those and see if they look stronger.