welcome to Oscarfish lover. Firstly, 55 gallons is not big enough for two Oscars. Obviously if that is the only tank you've got at the moment, you will have to make do, but I would strongly advise getting a bigger tank in due course.
Regarding the tank, 20 years is very very old for a tank and I would certainly be a little bit reluctant to use it for too long. Tanks Do have a shelflife and they will perish after a while. the only thing I would suggest is resealing it. However, if you're not confident to do it yourself, find someone who knows how to do it, the last thing you want is half a ton of water all over your carpet plus a few dead fish.
The other problem is some tanks don't start leaking until they are completely full, the pressure doesn't build up until there is enough water. So you may have a very small leak that you won't notice until you have completely set the tank up.