I agree with the smaller front wheels idea. I bet you can get some torque thrust II's in a smaller diameter from pegasus, or someone like that. I bet you already have a set in your parts bin!!
I love the hiboy look too, but I don't think it needs to be dragging frame. with the prowler, I'd suggest going with a modern high tech look with the finish work of a rat rod. like, to keep the buckets, but go with a mexican blanket look for the apholstry. go with black or red primer with a semi gloss coat, rather than the full on stealth flat color. open engine bay sides, but instead of a V-8, go with a twin turbo with dumps that go along the rockers and flute out with an angle cut just before the rear tires. or keep the v-8 idea and go with organ pipe headers to wrap back under the frame and exit the rear under the car. definitely clean up the firewall and go with some kind of evil paint application. shave all the handles and mirrors and what not.
this is definitely a sweet ride, and I'd expect someone like Troy Trepanier, or Foose to get that ballzy!! I love the idea, I hope it works out well for you, and I can't wait to see more progress!