Yes!!! Rod's build log got me started too! I must have read it 10 times, saved many of his photos for future reference, and even wrote him here but he never responded. I guess he's not much involved with the Locost these days. I saw he had many other cool projects.
So far I'm sticking with my plan to just "get it built", using as much as I can from the SVT Cobra, 442 frame upsized to 1.25", solid axle, pretty much like Rod's but with 4 link locating for the rear and normal coilovers up front. I'm also considering a rolled sheet steel tunnel instead of the 3/4" tubes. I read that chassis stiffening article
For now, I'm going to ditch the fuel injection and go with a carb. In the future, I'd like to do the ITB like Rod and Megasquirt. I'm going to stay pretty simple and cheap now and see how much I like and use the car. If it becomes a big part of my life then I'll invest in the works (408, Tremec, IRS, big brakes,etc.)
As far as the budget is concerned, I've saved up plenty. My troubles are;
I travel a lot for work, weeks at a time (petrochemical industry), so lots of interruptions and lot of time to think too much of changes!
Confusing rules to get it legally on the road in New York.