I agree, that bike is fantastic . . . but it's not a rat rod. I guess that term has been mangled a bit by the recent interest in "Rat rod" street rods. Rat rods used to be truly ratty: some kid's daily driver/rolling restoration that never quite got fully restored. Bare welds, primer, and old blankets thrown over rotting seats were the rat rod rule.
Now, you see guys like Chip Foose (and 750rus) building "rat rods" that are near perfect, with "suede paint" made to look like primer, and perfect, but retro-looking red wheels. I guess the term is evolving. I still can't get my mind around the idea that you would strip down the frame and repaint it on a ratbike!
BTW, 750rus, if you don't know who Chip Foose is, do a quick google search. Lumping you in with him was intended as a compliment!