Some potential problems I see with your system are:<OL TYPE=1>
<LI>The bak-pak is probably too small of a skimmer for a 55 gallon. Have you tried using a Maxi-jet 1200 to replace the Rio? It REALLY does increase the skimmer production!
<LI>Lose the Penguin altogether. They are VERY effective at reducing ammonia to nitrites and nitrites to nitrates, but then leave the nitrates to accumulate. (See #3 for more on this.)
<LI>Have an approximate minimum of 1 pound live rock per gallon of your system. Live rock provides effective biological filtration (ammonia->nitrites->nitrates->nitrogen gas and oxygen). The last step works with live rock because it allows anoxic areas for the anaerobic bacteria that reduces nitrates to grow. Removing the Penguin will allow the live rock and DSB (a DSB works like the LR to remove nitrates) to do ALL of your biological filtration. The Penguin is actually MORE efficient at biological filtration (minus the nitrate reduction) and will uncouple the nitrate production from the areas that reduce it.
<LI>Use nitrate free make-up water. If you're not at least filtering your make-up water for nitrates (I use a poly filter and nitrate sponge filter in my tap water before adding), you may be adding nitrates in every time you add water (even changes!). IF you're using RO or DI water, this won't be necessary.
<LI>What IS your bioload? If you have more fish than your biological filter can handle (and at 20 ppm nitrate, I rather doubt it), you'd get an ammonia/nitrite/nitrate build-up.</OL>
It will take some time for the hair algae to "die off". As it does, try removing it. Otherwise, as it dies, it will release all those nutrients back into your water column, providing "fuel" for the existing stuff!
Hope all this helps!
(PS I'm dealing with hair algae also; pain in the tushy, isn't it?)