I think there's nothing there that can't be done, it's just will that pic inspire anyone to have a go?
I know neither you or I will be the ones to do it Christo....£££££ker-chiiiing!
One day.
If you scoured Ebay for parts, and built the seat and fairings yourself, I reckon you could build that for under £5K. That includes the extra mods to make it road legal.
The things like the oil cooler etc could be robbed from a car, or even another bike, and plumbed in without too much fuss. The rear swingarm could be modded from a Thunderace, or even an R6! Again - pricey bits would be that curved radiator (unless something like a Suzuki or a Yammy sportsbike sport one). The Ohlins shock may be an ebay item if one's lucky - again, pricey. As would be the front brakes (rear can stay stock whatever the swingarm is). rear sets - go for Chinky jobbies, save a few ££s. Looks like it's higher off the ground too, may even get away with a CBR 600RR type underseat exhaust - which would look beaut. I'd go for a carbon jobbie with that paint scheme. Again, the Bay of E.
Electrickery would be a pain - you'd either need to hide the battery in the seat unit, or push start it all the time. FZ1/8 type drop down numberplate, lights built into the rear fairing. Amazingly, the tank, screen and most of the engine are stock Fazer. Even the frame seems untouched - thank goodness!
Remember - the parts you won't need sell well here - the stock fairing, the stock carbs, the stock forks and a stock shock & swingarm (OK, maybe less so on those last 2). A ratty Fazer with a good engine would work well.
And before anyone gets their oar in - NO, it does NOT need a towbar.