works every time.
Not to be a jerk about it but you can say that when your tank finally holds water Pete.
The stacked lumber design is something I've never been a fan of. It's wasteful, heavy, expensive, extremely labor intensive, leaves you with the need to sheath the inside of it unless you want the log cabin look... I could go on.
You're right, there's no "right" or "wrong" way, but I find the stacked lumber method questionable at best on giant tanks, nevermind a relatively small one. The suggestion to use 1x2's is almost ridiculous - I don't know about the lumber you have there, but I usually have to pick through half a lift of lumber to find a few straight 1x2's. Using this method would take forever, and leave you with tank walls shaped like potato chips, when you could have a few sheets of 3/4 ply cut up and banged together in one evening. Oh and also, stacked lumber leaves you with hundreds of seams in every wall. Each seam is a potential leak and stress point for your coating (unless you fiberglass or sheath).
As for overkill being insurance - well sure, but there are limits here. If there wasn't you would have built yours with concrete. You can achieve a comfortable design margin for even the largest tanks without going this far off the deep end.
Anyway, I apologise if this comes across the wrong way, I just really am not a fan of this design.