Interesting note on the insurance - I wouldn't have thought of that. Kind of silly though as people aren't likely to keep the same plates on a stolen car, but hey - a discount is a discount. I doubt my company would give anything though as I already have classic insurance and only pay $200/yr.
As for the cops - even though the car isn't flashy, there aren't many around my area so its easy to spot anyways. They like to pick on me in that car for whatever reason, even if I am driving 10km/h over (6.25mph), yet in the Saturn I have often driven right by cops (unintentionally of course!) doing 20 over without them flinching.