Wait a minute... You're the same goof who's posting to another thread degrading the 318ti. Your comments on our 318tis suggest some kind of automotive superiority on your part... and you're looking at creating a "Rat Rod" from a $500, 1982 Bimmer?
C'mon.
Rat Rods are 50s-60s era mods done to vintage American cars, mostly. This craze has inspired others to Rat-up other vehicles as well, again, mostly American cars, some are even late models. You can create one out of your $500 beater but don't expect overwhelming respect from either Euro tuners or Rat Rodders.
Is it cool? Well, what's cool is ultimately up to you. To me- No, it's not cool. It just sounds like a bucket of parts with a Roundel on the hood to impress somone.
Now you're looking for a collector 2002? Look, here's some advice- just have your parents buy you a reliable car (Bimmer or othewise) and quit wasting money you don't have. Maybe someday after saving you'll get that 2002 of your dreams. Or maybe even a 318ti!