I agree that you cant take a late model and turn it into a rat/jalopy....you can make a late model look ratty though...ugh.
Don't waste to much time or money on it is all I can offer and don't expect the traditional rod crowd to be nice to you about it....They sneer at me when ever I go to a cruise so I can only imagine what they would have to say about something like that......
That being said, see if you can find an older body to drop over the modern frame and drive train.....at least try to keep it more traditional and have some sort of plan.....a theme for it.
Good luck.
Mop