Club rego would be good but it's not legal with the SC so it's a wee bit dodgy. That's really why I mothballed it, it was insured but if anyone got hurt then it would be a bad day all round.
My understanding of an inspection for a club permit is that it is a 'safety inspection' meaning that provided modifications are done properly, you dont need an engineers cert. Essentially a CH plate gives you permission to drive an unregistered vehicle (of a certain age) - it is not 'registration'.
As your car would not have Vic (or somewhere else) registration, you dont need to meet the requirements for that type of registration.
You see rally cars regularly with cages fitted that are on CH plates, that wouldnt pass rego checks due to the cage hindering forward vision.
Thats how I understood it anyway. A club shouldnt be able to tell you you cant register a certain model if the scheme says you can.
They can decline it based on that safety check though.