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A 55 gallon drum would be too thin. I would use a 100 gallon propane tank instead. Look it up how to carefully and safely reduce it to a cutable and weldable tank.
good luck.
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IMHO, 55 gallon drum is plenty thick for a smoker that will not have the fire in the drum. Plenty of UDS smokers and side-mount firebox smokers out there made of drums.
Of course, lest we not confuse, "right proper smoker" & "functional smoker", we need to clarify that a smoker made from a drum won't last an entire lifetime, nor will it look pretty. It will likely have larger air-gaps etc as well. But it will turn out smoked goodies just as well as one made from a propane tank.
One thing I think you should consider is how you're going to control air if your side-mount firebox is a LP tank. Most tanks have rounded ends, are you going to cut a sectin out and well a flat in there to use the air-damper style pictured or are you going with another type of damper?