In my opinion, it won't do well for one very obvious reason...accurate body/chassis etc, means that everything needs to be accurate or else why bother. So forget about approvals etc...just design it to be accurate.
I was just talking about this with a fellow club member the other night and he agreed.
If you are the type of person to build an accurate replica, you are not going to spoil it by trying to comply with ADRs.
Owner will just get 1 day rego or trade plates for driving it on the road and for taking it to track events etc.
We have a couple of 427 Cobra's in QLD that do that now.
I expect the type of person who is interested in this type of thing, wouldn't care that it can't be registered.
Cost is another issue...once cost gets up, you start to have some really interesting options.
And as Boxhead said, most of us are into hotrodding.
I'm even hotrodding a GT40 at the moment.