2 175MH on a 55 is definitely NOT overkill. Yes you may have some heat to contend with, but it can be easily managed with a fan or two. Look at it this way, your 55 is just a deep as a 75 and 175W MH are just getting started, especially if you would like to keep SPS. And nothing less will effectively work for clams.
1 MH bulb over a 4' tank is definitely not enough, not to mention it will probably look bad due to the uneven lighting. 1 MH per 2' of tank length is recommended.
I say go for it. You may regret it later if you have to upgrade.