Drill, sorry it's taken me so long to find this thread and I'm looking at the progress. I see some definite potential with this project. First off, in the latest pic, has the rear been lowered any? If so, I think it needs to come down some more. I also was thinking if possible, can you narrow the rear end a little to bring the wheels a little closer together, dunno, you may want a wider stance, I've never ridden a trike on the road but have ridden 3-wheelers back in the day before they were replaced by quads, so maybe a wide stance is a good thing. Maybe put together some sheet metal together and create some fenders...oh damn that woudl be bad ...! Definitely black out the front wheel. You mentioned a different front end, have you thought about raking it out any, is that possible? Damn Drill, I'm spending your money mate, but this is all stuff that can be done over time as the budget allows. Oh the one bike your using for design influence is Russ Mitchell's bike, have you seen the trike he built, it's on the exile cycles website, love those fat ... wheels on the back of that trike.
Keep us up to date on the project.