do a google search for "poret foam" to see some of the posts in other forums about it, and some here. the only place you can buy it is from swiss tropicals. kind of expensive, but if it lasts like people have been saying, it will actually turn out to be pretty economical.
My 55 was free and was originally set up for a sump and the holes are drilled at the top (obviously or I wouldn't have fish lol!) on the side. I hope that helps
You might want to find out who manufactured your 55 gallon aquarium. The Perfecto/Marineland ones use tempered glass on the entire tank so it can't be drilled aftermarket.