Pretty interesting suspension stuff. I'd love to play around with something like that. It gives a whole new meaning to sprung and unsprung weight.
As far as the rest of the car goes, nothing exciting there. The frame appears to be pretty much like the FFR '33. I don't see anything special about a steel body.
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.boB "Iron Man"
NASA Rocky Mountain TTU #42 www.RacingtheExocet.com
BDR #1642 - Supercharged Coyote, 6 speed Auto
As to the remote actuation of a spring via closed system hydraulics see Citroen DS series. Also see Active Suspension for systems that really do something. And for racing applications of Active suspension see: Williams FW12 F1 car.
Unfortunately nothing new to see here.
However as an added benefit there are plenty of dynamic problems with this particular type of system. The most glaring one is "0" camber change.
But for a Hot Rod that never will attempt a corner at speed, it will certainly bring plenty of Oh's and Ahh's on the car show circuit.