It will help the 55g cycle quicker but it will NOT instantly cycle it. The beneficial bacteria are mainly in the filter but also in the substrate and on decorations.
If you remove the filter from 29G then you essentially remove the bacteria in which case you would start the cycle again.
You would be better off starting the 55g doing a fishless cycle using pure ammonia, if you do that you would be able to fully stock the 55g once the cycle completes.
If you remove the filter you will essentially have 2 tanks cycling.
Find out about fishless cycling here - http://www.tropicalfishkeeping.com/f...m-cycle-38617/
You would need to find pure ammonia with NO added ingredients....ace hardware usually have them in.