Overall, I like it! A nice, well built subject. As you said, I have also seen a lot of rat rods with new running gear. Makes a nice contrast.
Some good points have been made regarding the weathering. A really good source for weathering reference is the Flickr site. This is a favorite of mine: http://www.flickr.com/groups/rusty_old_cars/
I have found that site to be an invaluable source of pictures of weathered anythings.
I like weathered cars, are you going to do another?