The very definition of "hot rod" is -- whatever.
In other words - it's whatever the guy building it can do - or can't do - and whatever it is that they want.... regardless of whether or not it's pro built or a junkyard dog. I have friends that don't have in their whole car what I've spent for wheels. So what.... nobody cares. Fire it up and let's go!
Hot rodding has been this way since the first guy took the fenders off his Model A.
What's it cost? Nobody can answer that question... it costs what you can afford (and then some!). Most people lie when asked that question anyway. They build a 50K car and claim it's worth 100... They spend 400K and are embarrassed to say so... Who cares. It's a hobby - enjoy it for whatever it does for YOU. Just don't try to build a SEMA/Riddler/AMBR show car for 50K because you're only going to be depressed.