Dennis,
Never built anything like that myself, well, out of a 55 gallon drum. That is awful thin but I have used a 55 gallon drum for 5 years as a burn barrel around the house and it finally rotted thru about 3 weeks ago. I left the ashes in it. Removing the ashes from the fire pit would make it last longer than my abused burn barrel.
I guess things I'm thinking about, will the 55 gallon drum be strong enough to be moved frequently? Sharp edges?
Perhaps on the bottom you could insert another piece of plate contoured to the inside of the drum where the coals would sit on this heavier plate instead of the drum. Maybe something that could be removed at the end of the season instead of permanently affixed? Grate on the top, lighter angles across the edges to cover the sharp edge of the thin metal of the barrel? Angles run across from side to side to offer support for the grate and make the barrel more rigid. Would have to consider the removable inside plate if you went that way though.
Legs, maybe a stand that is separate from the barrel. position the stand, sit the barrel on it and then put a pin in it to keep it from rolling on the stand. At least two separate pieces would be lighter than one big piece.
As far as the top/grill portion you could make a rectangle angle iron frame with built in grate that would simply sit on top of the half barrel, covering all of the sharp edges. Fill the half barrel with coals, wood, start the fire and then sit the grill portion over the top. This combined with a separate stand/pedestal for the barrel and you have a three piece, or four piece if you were to do a removable plate in the bottom out of heavier steel plate.
Personally I'd try to find something a bit heavier. I had a hot water heater tank as my grill for almost 10 years and it was solid til the day I hauled it off to the scrap yard(yesterday as a matter of fact).
You could roll with the same ideas above but it would be a bit heavier gauge steel than a 55 gallon drum.
Just some ideas off the top of my head to keep it light weight and transportable but large enough for lots of kids. Good luck! Make sure you post some pictures of the final build!
Shawn