You should always, always, always be trying to increase your population by as much as possible because a larger population brings in more taxes in the long run. A morale level of 55% is, IMHO, a very bad morale level to aim for--at least, for your better planets. Instead, you should be aiming for constant population growth so long as your planets aren't growing so fast that their morale level vs. the current government doesn't result in their rebelling against you.
Regarding the effect of morale bonus vs. maximum population: On your better planets, the morale improving buildings are definitely cost effective. On your lower quality planets, I would build only a very few of the morale boosting buildings.
In my games, I build Entertainment Center on all class 18 and above. If my lower quality planets start dropping below 60%, then I build it on them as well. When the Multimedia Center is available, I might build it on my very best worlds. When Harmony Generators become available, I build them on my best worlds. Later down the tech tree, you get Stadium. This one goes on all my worlds. The rest of the morale boosting buildings such as Medical Center, etc are just too expensive vs. the benefit. I don't want to build the facility unless I'm getting 15% to 20% per 2 BC maintenance. (Hmm.... I think I forgot one other one in there somewhere that is also good.)