I have a low seat and handlebar adjustment for a nice photo, then raise them for an actual ride. I also reversed the fork flanges to get the correct geometry. Also put the padded seat cover on.
Lately I've been intrigued by the mountain bike dropper posts. What I'm interested in is creating more of a motorcycle type geometry for blasting down big hills at 30+ with a bike that feels more solid then being able to raise the seat back up again for efficient pedaling. Seems to me this would also be super useful for a ratrod with a low seat. If only they didn't cost $200+. That's crazy money for a seatpost.
I also suspect that there is a lot of room for overlap between comfortable/practical designs and stylish rat rods. Recumbents are the most aesthetically challenged, but in a lot of ways they already resemble stretched and lowered rat rods. I think a lot of the motorbike styled rats also have this potential. Working with fat tires, big seats and laid back geometry, a comfortable ride shouldn't be too hard to achieve.