In order to kick start this 'rat-rod' / hot-rod project, the basic design philosophy is something like this.
1) Based on an FJ40 frame / chassis.
2) Coil sprung suspension, front and rear.
3) The biggest engine-tranny combination that one can find 
4) All round disc brakes.
5) Custom exhaust.
6) Lowered suspension.
7) Body channeling.
8) Body chop.
9) Massive wheels.
Some of these things have already been bought.
The donor frame for the Phantom II, is that from a 1984 FJ40. This was a simple choice. Since the bigger brother was an '84...the 'little' brother had to follow suit. 
Onto this frame, we're going to graft the suspension mounts, etc, of a 1999 Toyota Surf. The donor frame for these parts has also be purchased.
For wheels, I've gotten a set of beautiful wheels and tyres in 315/75/R16 size...nowhere near the 42 inch height of the Phantom...but at 35 inches height, they should provide a dramatic contrast to the body which we're going to position very VERY low. 
For diffs and axles, we're going to use those from a Toyota Surf. This should be easy, once we're done with the frame. With an 8:39 guchcha (which comes to a final drive ratio of 4.75) and the option of a limited slip differential to counter wheelspin, we should expect stellar performance.
Finally, the engine for this creature; a 5.0L V-12 1GZ-FE. This is a legendary engine, which I had originally saved for another project...but I think that there could be nothing better to showcase its abilities, other than a chopped-dropped, ultra-light, high-performance hot rod...where the very build is focused around the engine, itself. The 1GZ is purpose built by Toyota for their creme-de-la-creme; the Toyota Century limousine. In a car that is going to be purpose built for speed ON the road...it should offer dazzling performance.
We've planned that the build starts somewhere around the middle of January 2014. If we're lucky...this vehicle should be on road by the middle of this year, Allah be willing.