Bernie,
My understanding in NSW is that you can build a hot rod and register it as an original vehicle outside current ADR's if you tread carefully. By fitting a late model engine you will need to comply with the rules related to that date - including cat converters and charcoal canisters.
Because the FF kit is not a direct replica it will be regarded as an ICV,
I think club rego is a waste - who wants to have limited rego and tell other people when you plan to drive your car???
One day I hope to build a car that is cool, yet has a back seat to take more than one person for a ride.
http://www.strongtorquecustom.com.au/
My 2C
Ben