I think we've forgotten about the 29' drop.
IF you were planning on the seam in the middle, half the width of the tablecloth will be 30" (half the diameter of the table) + 29" (drop) + 2" (hem) + seam allowance (3" is WAY too much, 1/2" is most common in home dec) = abt. 62"
Usually tablecloths of this size have 2 seams - as you can see that 62" isn't going to happen in 54" fabric (be sure to cut off the woven edges of the fabric - or your seams will pucker). This is done with one big panel in the middle with 2 smaller panels on the sides. Also, this way your seams will be near the edge of the table and not so visible.
Leaving the seams out for now (they figure in the width) you need the center panel to be 60" (table) + 58" (2 drops) + 4" (2 hems) for 122" (3.4 yards) in length. This will go from the hem, up to the tabletop, across and down the other side.
The smaller side panels should be about 35" wide (PLUS the seam allowance). I figured this by guessing the center panel will have a max. width of 52" (54" - the cut off edges - two 1/2" seam allowances). 122" - 52" = 70" 70" ÷ 2 = 35"
I'm too tired to figure out how long the side panels need to be (they don't need to be the full 122" length as the center panel because of the curve of the circle). You can tape some newspapers together and make a 'pattern' using the string technique betz mentioned and then cut it apart where the seams will be. An advantage of this will be that you can 'snug' the side pieces together in a 54" area to see how much length (yardage) you'll need.
As a warning, when selecting your fabric you'll need to know if there is a 'nap' (change of sheen when looking at the fabric from different angles). If there is, you just need to be aware of it when sewing so the panels match.
This is a LOT of fabric to work with. Unless I couldn't find a ready-made that worked at all, I'd just buy one.
Good luck
Another option to look at for fabric is sheets. I don't remember how big a King-size top sheet is, but it may be large enough to use. It also depends on how heavy of fabric you want.
Singer's Quick & Easy Decorating Projects © 1995 has a nice round tablecloth with twisted welting for the hem (p. 85). The say to figure fabric "multiply the diameter of the tablecloth by 2 and divide by 36" (6.777..... yds in your case). They also suggest adding 2" for ease of cutting. I like the look of the twisted welting, I also think is is an easier hem for a round table. You might want to see if your library has this book available.