Fairly spot on 1200RC.Most car clubs have a fee to join and then yearly fees, our car club is $80 per year and you will need a RWC or certificate from the clubs safety officer before you can put it on red plates even if it is currently registered. Rwc will cost you $100+ and safety certificate roughly $50. Quite a few clubs are putting attendance requirements in place so the clubs don't get used for cheap rego. At the end of your 12 months permit rego you would have to get papers signed by the club's red plate officer before you could pay the rego again. If they were not happy with you , you could be left with no rego.1200RC, I suppose you know rally rego is available but is about $600 a year and I think you have to have a yearly inspection.
I run the Vintage Japanese Motorcycle Club and between my brother and I we have 58 Kawasaki bikes which we have collected over the past 35 years and we have about 15 on red plates so the 45 day rego's make it very affordable as some of these would only go out 3 times a year or less.
To a lot of people this scheme sounds good but when you look into it, it's not for most.