Why steel and not wood? This template builds a solid stand with no center support. It's exactly what I used to build the stand for my 120 and the one in the picture below for another reefer... I used a 2x6 top frame too.
http://www.reefcentral.com/forums/showthread.php?threadid=1169964
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Rosko23 keep us posted I also need stand for a 125g tank.