If you go the B230FT route, the resulting car will be seriously fast, especially if the motor is tweaked. A Lotus Elise has 190 HP and weighs around 2200 lbs. The PV weighs about the same, and 190 HP can be obtained without too much difficulty from the B230FT. Such a vehicle would be truly dangerous with the stock drum brakes. Fortunately, it is not too difficult to upgrade to 1800E/ES front and rear suspension, which will give you four disc brakes, with four piston calipers at the front, and the possibility of taller gearing (automatic 1800 ES was 3.90:1) than the stock 4.10 (B18) or 4.56 (B16) of the PV. It is also a much more straightforward front end to work on, with ball joints as opposed to king pins. IPD sways, Koni shocks.

After doing all this, it would seem a shame to me to finish off the resulting Porsche-eater as a rat rod. I picture it in either olive green metallic (Dodge/Jeep color) or dark blue metallic, with simplified bumpers (no pipe work) and most of the chrome shaved. The interior would be thoroughly revised, with a roll bar, a pair of Recaros or similar, no back seat, just a carpeted storage/speaker area, and a dash full of gauges. Simple, functional and attractive. Like Porsches used to be before they became yuppie status symbols.

If I were doing a rat rod on a budget, I would stay with the B20, which can easily make 125-130 HP, a considerable improvement over the 85-115 of the various stock PV engines. Front discs from a 122 are a much simpler swap than the 1800ES conversion, though if you are going to be drag racing, or pretending to, the 1800ES rear is a lot sturdier than the original one. The weak point of the stock axle is not the gears, it is where the tapered axle shaft, weakened by a keyway, fits into the brake drum. It can shear off here, (I've heard of such incidents, one during a sports car race) at which point, the drum, with wheel firmly attached, parts company with the car. (where did that wheel come from, and why is it passing me.....for some reason, it looks awfully familiar...) Oh, and if you didn't upgrade to a dual circuit master cylinder, you also have no brakes whatsoever. (even the hand brake becomes ineffective when a drum is missing) The 1800E/ES axle has flanged axle shafts (like a 140-240-740) and this is no longer a danger. Another potential weak point is the overdrive transmission. The extended output shaft of the main gearbox, that couples with the overdrive unit, will wring off after repeated full throttle clutch drops, especially with a strong Turbo engine. The plain 4 speed M40 or M45 is a better choice, and don't go too sticky with the tires, you want them to break loose and spin. If you are going to be driving more sanely, just cruising around, the overdrive transmissions are plenty strong, as is the old type rear, though it is a good idea to have the axle shafts magnafluxed, to spot any incipient cracks.