It would work. However most 55 gallon stands won't accommodate a 10 gallon tank underneath it. I'd measures the inside of your stand and see what you can fit.
I personally think thats a bit small which will leave you less margin for error, but its doable. Bigger is better though. Try to get the biggest container you can comfortably fit under your stand while still being able to service it
im gona measure the area under my stand and make a plywood sump to maximize the space under there. i dont think i will have to apply fiber glass or anything, maybe just some sweetwater or some sort of epoxy.