As many fenderless cars as I see in CA, they must be OK, but check with DMV to be sure. That car you showed has a carburetor, the 400 Turbo is the transmission. It does have a big bolt on air scoop. I'm not a rat rod expert, but some I have seen are basically junk, others are well engineered, just not with shiny new parts. Function over form would be a good way to put it.

Pat