Here are two 55gal tanks side by side. The tank on left has a strip light and Emperor 400 HOB filter. The tank on the right has a strip light and a wet/dry sump with a protein skimmer. Both tanks ran for a long time with very few problems. I would use a HOB Seaclone Skimmer periodically on the tank on the left. 25% water changes monthly and buffers as needed.
Is your live rock cheap? Around here it is 12.00 each. But I plan to turn my 15 gallon into a mini reef tank,with live corals and the whole nine yards.
L/R is generally $4 to $5 a pound around here. If you are doing your first s/w tank, it is wise to start slow and simple. Live coral requires advanced skill in managing water quality, lighting, ect.......