Isn't it beautiful? We can only hope that it has no muffler of any sort.
According to Vintage Racer:
The car was built by Gary Emory and his guys at Emory Motorsports. Evidently, they had a 356 that they had sandblasted prior to starting work on it. Other projects came up, and it was set off to one side. Then they needed the nose for a restoration on a Speedster, etc., etc. Once they started to work on it, my best guess is that inspired lunacy took over, with the result you see here. Basically a detuned race car underneath (check out the rise height), they left the body the way you see it. And in person, it is way cool.
The whole rat-rod thing may be getting a little tired, now that every tattooed hipster with a beater Dart claims he's in full Rat Rod mode, but it's great when done right.