Well OK, maybe I do want some popcorn, after all.
There's the matter of the letter of the law and how the law is actually administered.
Here in CA, the speed limit on most freeways is 65. If you routinely do 80, sooner or later there will be flashing blue lights in your mirrors. But if you cruise at, say, 72 mph, you'll probably never be stopped, even though you are technically in violation.
The letter of the law vs. its administration.
In a related incident, I have been stopped in my Speedster for exceeding the legal limit by more than a substantial margin. The arresting CHP officer was enough of a car guy to tell me that, while following me, he could tell that my carbs were jetted a little on the rich side. (He was right.)
This car guy officer examined my registration and knew very well I wasn't driving a 1969 Volkswagen. He also knew I wasn't wearing a front license plate, as mandated by the state vehicle code. Neither of these matters concerned him. His focus was only on my doing 67 in a 45 zone.
The letter of the law vs. its administration.
And in yet another matter, before I got my VS (emphasis on 'before' here), I made it extremely clear to my insurance company what I was up to. I made sure they understood just what kind of car I was buying and were they SURE they would cover me?
Yes, they said, they got it, and my policy would not say 1969 Volkswagen or 1958 Porsche or even Special Construction Vehicle. For their legal purposes, the policy is written for a 'kit car'. I don't like that term in any context, but I'm pretty sure if I have a claim they won't be able to weasel out because the car isn't a 1969 VW.
Again, as in my previous post, I think it's crucial for the potential buyer to understand what the local laws are AND how that actually plays out in practice. If you can't talk to nearby Speedster owners, maybe look up the local Cobra club and find out from real people how they actually register and insure their real cars.
As a wise man once said, forewarned is forearmed.