I have not heard of the Chassis issue, however i could say with a lot of confidence that it is rubbish.
The engine you use HAS to be from a current production car. That is, if you want to use a V8 you can use a GENIII Chev from current series commodore/ute/monaro (my choice and they s__T on Ford anyway)
or you can wait until Ford release their new V8 and try and buy one for under $20k (not).
Other choices would include v8 from Toyota Landcruiser
or seriously from a Lexus or BMW or something.
Go the Chevy i say. Or move to QLD where you can get anything registered. Just look at some of the rustbuckets we see on our roads coming from God's Country!!
I hope this stirs a few Aussie posters up..... I am going away for a week now!!!
cheers.