Interesting gents. As Al says, the space saving aspect of this is purely to keep an ecpensive v8 away from the steering. There's no sense in spending large sums on an engine like that to mess about with off centre position and clearance issues.
So purely with that in mind, initially, I'd be happy to replicate the existing set up but with a rack. Rear position, behind the subframe in the same position as the centre tie rod, and have the ball joint pivot points in the same place as required.
But thinking further, the front polly bush gives way more control it seems, so after talking to 2woody, it seems the front mounted rack would have something much firmer and accurate to pull against, and therefor transmit the steering to the hub more directly.(this is way too simplified a statement but gives an idea on his general description he gave, some of which I even understood) where as the rear rack would push the rear of the hub out, as opposed to the front of the hub in. Wouldn't make the slightest odds if the bushes where not bushes but solid rose joints/or points, but through a rubber or poly bush that gives more comfort, and therefor some play, then the front mounted rack gives a much more direct toe in to the outside wheel that does most of the turning in
of the car.
This is considered worth having, in design terms, as I understand it.
So logic might then be, that if fitting a rack at all, fit the bugger in the best place. Although there's a lot more extra work involved. Swapping hubs to opposite sides so the ball joint fixes to the front. Longer brake hoses as the calipers will then be at the back.... probably fouling the wishbones thinking about it. Aaaaaah

...my thoughts are I'd be happy to achieve the same performance with a rear mounted rack. But depending on the work load, front mounted might be worth having.... If there's room under the sump area.
