not exactly correct. 75' and older don't need the inspection every 2 years.
technically the car is still required to have all the smog equipment in place, any after market parts need a CARB# and run within spec.
realistically a cop pulling you over for whatever, talking you into popping the hood, (i'd tell em' no thanks and stick to it), and deciding to send you to a referee station, should be your only problem.
http://www.dmv.ca.gov/pubs/brochures/howto/htvr9.htm <<<DMV INFO
good luck and welcome to cali