people get too caught up in labels..
the first cars to be called "rat rods" were true low dollar builds made out of whatever the builder had laying around or could get cheap enough. they weren't pretty, but they got the job done. having your car called a "rat rod" was an insult at first, then became a compliment.
over time, "purists" started saying that a true "rat rod" type build had to be some sort of a period correct time capsule- nothing newer than a flathead under the hood, for example. this was right around the same time that 45 year old grown ups were trying to relive their teenage years in the early 60's as seen thru rose colored glasses that make everything from "back then" better than everything today.
these days, people that build cars that would have been called a "rat rod" 20 years ago hate the term "rat rod" and call them something stupid like "traditional rods" or whatever. these are the 30 year old guys with greased back hair and too many tattoos that build their cars to look like crap with flathead power despite having the talent to do it better and access to more modern parts. i've heard tales of $10k paint jobs on "rat rod" builds that are made to look like crap on purpose, and fake rust painted onto fiberglass '32 Ford body shells to make it look more authentic..
i've got a "how to build a rat rod" dvd that i bought for $3 at Wal Mart where the guy says to turn up the heat on the welder when welding body panels to blow thru and make the welds look like E36 M3 on purpose. there was some good fabrication on that dvd, but stuff like that made me realize why Wal Mart had it in the bargain bin..
the "thing" in the first post of this thread isn't a "rat rod" in any sense of the word- it's someone's unique vision of what they think would be a cool hot rod with flat black paint and the generic "rat rod" label.
i want to build a car that would be considered a "rat rod" by most people- i'm looking for a dirt cheap '30 Model A 5 window body and frame to build a car that's isn't necessarily pretty, but fast and fun to drive. but i will not stick with stupid rules about what it needs to be powered by or what it looks like- that fuel injected 94 LT1 on the engine stand backed by that 700r4 under the bench would be a good free powertrain, since i've got them and have no money tied into them. if ican't use the LT1 (it might go in my Camaro before then..), i will put a new crank in the 350 i've got in the corner and put some sort of a junkyard 4 speed trans behind it.
brakes will probably be late model Vette, since rotors and calipers are cheap at NAPA, and those late 80's Monte Carlo SS aluminum wheels piled up in the corner would work quite nicely for a car like that.
if it ever gets built, it will probably look like crap because i'm not a paint and body guy and honestly i don't care what it looks like as long as it's reliable, fast, safe, and fun.