I can't tell from the pictures what's been done to it, other than that weird exhaust pipe, but I see it has a 26-27 fan hub and pre-26 pedals. Looks like some kind of non-T steering gear too.
Notice that the engine is mounted under the frame instead of on top!
The engine has been lowered in the frame, possibly for a lower center of gravity as in a speedster.
What Richard said
It looks to me like they lowered the engine in the chassis. With everything else being equal the chassis with the lowered engine should corner better as the center of gravity is lower. Of course you loose some ground clearance but if you are running on dirt tracks etc. that probably is not an issue. If you have some additional photos or information that might help clarify what it was used for or intended to be used for.
Agree with Steve that it looks like a non-standard steering box. Based on only three photos my first guess is it is someone's attempt to build a speedster with a lower center of gravity. [Note lowering the front axle and rear axle would also lower the center of gravity.]
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Yeah, me too. Probably done for a speedster or racer.
You have to type fast with this group -- yes, what Richard and Jerry Van said.
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The exhaust system would indicate a Speedster and lowering the engine would make is less useful for anything else.
Lowing the engine would put the driveshaft in more of a straight line. That would help cut power loss in the drive train??? Dan
I would say it was used on the street, but could have been a speedster/hill climber/racer. The main exhaust pipe appears to be plugged so that when on the street, not racing, exhaust is diverted through a exhaust pipe and muffler. Plug would be removed for go faster applications and to make noise.