Looks very very cool!
Although I can't help but recall when I was young and taking the fender off my huffy bicycle and coming home to an angry mother because the back of my shirt was covered in the contents of every pothole I rode through! hehe. Betcha don't ride that one in the rain!
Cool looking project for sure!
You ought to consider polishing that rim (winter project?) With everything off the rear end the back rim and brake components become really prominent. Polishing that rim up to some sort of a shine (or chroming that rim along with the front! Now THAT would be sweet, but taking a look at that bike you don't seem to be much of a chrome guy) would look cool. Or maybe even painting it black like the bike! I dunno, but, if you're open to suggestions, I think you should do SOMETHING with that rear rim to really make this a unique 'popping' project.