[750hp]

The drivetrain is obviously one of the items that a roadworthy covers off, so I can't imagine anyone would be happy to sign your car off as roadworthy in its current state.

Nothing to stop your Dad from selling it to you and then cancelling the rego. That way it's out of his name. It's no harder or easier to get a roadworthy for a registered or unregistered car.

When you register it in your name, you won't have to pay stamp duty because ownership is being transferred within immediate family.