I'll stick my oar in and say, A projects thread would have some positives, but then every dickhead with more than 6 posts who can use camera (that excludes me) will post up a thread about their ride. I can see it would quickly become filled up with near stock cars, posted by the same newbies who ask the same old questions over and over. IE, I just got given my grandads old 120Y wagon, and i want it to go faster. How do I put an SR20 in it? (needless to say they can barely change a tyre, let alone fabricate or weld)
There are of course many of us who's ride thread would be filled with usefull info.

Also, it would need to to two separate forums. If you're rereading say Dattodudes thread to find out about say what size injectors he's using, it would suck to have to wade through 50 posts saying "Cool" or the like each time he posts a pic of some new part. Follow what I'm saying?
Al www.oldschool.co.nz, there is one thread for the project, (which only the builder can post in) and another which is for disscussions about the build.
Then you'd prolly get newbies stating a new thread because they are too lazy/dumb to find the original disscussion thread. so it's far from a perfect system.
I'd like to see some more heavy handed moderating. Non relevent photo's being deleted, double posts being deleted, idoitic posters being kicked into touch.