Yeah, I'm curious to see what it looks like with the final wheels on. I'm planning to use 17" late model Mach 1 wheels, so it may look a bit empty in there. The brakes get better cooling airflow inboard like that though, and the real advantage is in the drastic decrease in unsprung weight.
Also, you're correct in noticing that the halfshaft acts as the upper control arm as well.
Do you mean with respect to ride height? I set it up to be about at stock ride height, which is appropriate for the car I'm building. The rear shocks are adjustable coilovers, so I can lower it that way to a certain degree as well.