Looks solid, biknut!
Nice bike but something isn't right having your butt higher than the handle bars. Wouldn't be very comfy riding like that. Personally I like an adjustable quill for height and angle.
That depends on the rider. Most really fast riders on fast bicycles run that way, because having a high seat promotes proper leg extension while low handlebars promotes aerodynamics. Also, it's easier to be your own suspension that way as opposed to being a heavy-sitter on a cruiser with a springer seat, really bent legs, and handlebars useless for anything but holding on and turning gradually.
I ran rear-up and duckin low for years, but I agree with you: it's hard to get comfy like that.
No need to with a motor helping out