If you want fenderless, I wouldn't recommend an S-10 frame. They look lousy fenderless, and the adapter kits for mounting the engine most likely won't put the engine where you want it.
What I've seen some guys do is build a test frame from wood to check the dimensions, ride height, etc. Once they do that they build the real frame from tubing.
If you want something like that picture I would start from a 30's-40's frame or from scratch using tubing. Anything modern won't look right fenderless.
