@Teeboyuk: The ratrod concept is ANOTHER thing I've mentally toyed about with, before (I seem to do that, a lot!). And it's quite easy to undertake. For example, if you compare the 1.2 Mn "price-tag" I was applying to the ORV, you'll see that the ratrod would cost MUCH less, and entail MUCH less work.
Instead of buying a 1UZ-FE VVTi and mating it to a transmission and transfer case for roughly 400K, you simply import a nose-cut / half-cut engine (with air-flow, wiring looms, radiator...in short: the works) for 225K instead (I've done this).
You have no need for expensive coilover shocks. Instead, you can keep much less pricey standard shocks. And lowering a car is probably always cheaper/easier than lifting it.
No need for two sets of tyres. Use just one set of them. BEAUTIFUL ones. Slash the price of the wheels in half, straight off.
No need for diff-lockable axles. Simply use ones from a Toyota Crown, instead. Or better yet...import those of the Lexus you're getting the nose-cut from.
On board air? Nah.
Body styles? Choose from the FJ40, the M38, the Willys / GPW, the CJ...or simply go ahead, and tube it up with an exo-skeleton, like you originally planned!
Soooo...does anyone have a cheap Toyota Crown frame lying around?