Man, I wonder how 24/7 Reeftime feels! Poor guy was just asking a simple question for a low budget option for his 55g lps/softie tank and he sure got a lot of info!
Almost any light will grow lps/softies. So, it really comes down to your budget, your future plans and the look you want for your tank.
I have two ATI T5 fixtures. But I think anyone will tell you they are not a budget option. If you buy a shop light or a T5 grow light they will definitely be cheaper and work but your tank setup might not look very polished. That's really a personal preference and depends where you plan to show your tank. If you like DYI projects and enjoy doing the research and planning, you can buy the hardware and mount it yourself in some type of canopy/frame. Of course, this information and the skills will come in handy if you stay in the hobby and want to build a more advanced lighting set up in the future.
You also have to take the form factor of your tank into consideration. It's long, narrow and high. Overtime, sometimes people grow tired of the narrow width of the 55g. It can make aquascaping hard. It is also a consideration for choosing a light. Obviously a T5 fixture can fit nicely over a long thin footprint. LED lights come in many different form factors. The one I suggested, the ViparSpectra 300 watt is also long and thin. It is only about 32" long so it will not cover your tank completely. It is also probably the cheapest LED option out there. However, if you hang it at least 12" inches over the tank/waterline you should be fine, especially if you are only growing lps/softies. Also, remember you are probably going to want to leave a few inches free on each side of the tank so you can clean the class. Anyway, it is important to hang LED fixtures like this high in order to reduce the spotlighting effects of the LED's.
Good luck!