How screwed am I?

The best COA will be for YOU to dig into your particular state's laws and have a FULL understanding of the titling/registration/property tax process before going into the DMV. They don't care, and never will. You have to know your left and right limit and can't rely on that gubment employee to know their job. That's why some of the shadier methods work, because the clerk either doesn't care, or flat doesn't know. If you are going to do it, do it right. You don't want to have money into the car, only to have legalities with the title bite you in the *** later. Just look at it as step 1 in the restoration process..piece of mind and all that..