Super braces! That was kind of my thinking too, though I hadn't thought of the pegs, I can see how those would help.
I think I'm going to change my plan, save my pennies, and go with pillars of concrete blocks. It can be done for about $25 if I buy new materials from the retail store. Less if I can buy someone's leftovers.
RE: Pallet water tower brainstorm. Seeking advice