Well, give the guy credit for keeping the car a tasteful sleeper. Most guys who do these sort of cars usually end up with endless over hideous body modifications, giant hideous ACS or whatever splitters cracked from being slammed to the ground, etc. He's got the ugly hood, but I'm sure it was necessary for cooling purposes. The steering wheel cover is hilarious, but who knows...maybe he was working on the car and just threw it on there to prevent it from getting it dirty.
This car is worth something more than the 20k-range stated if he waits around for someone who wants a heavily modded M5. Spending 35k on this car would save you $25,000+ if you wanted a similar set up. That being said, I would never ever want this car.
The car is an absolutely beautiful D/A build. That being said, it's certainly not worth more than Mamsteria's Blue Beast, which sold for $40k if I recall correctly. If indeed the motor has only 4k on it and it puts 600 hp to the wheels at 8 psi, it's one Hell of a performer and clearly worth something in the $30-35k range.
I'm guessing protective paper. The photos may have been taken at D/A, and Bill is fanatical about ensuring no scratches to paint while in his shop.
Agree the price is way unrealistic. If the car could be purchased for a reasonable price, one of the values in the car is the potential for up-tuning. The generic set up Bill ran for these builds is very conservative. The engine is ridiculously strong and capable of much more power with proper fueling, boost, and tune.