The regs do seem to be more open than with 3/4 wheeled vehicles.
Having just completed the electric conversion it looks like the DVLA/VOSA are tightening up on major mods to the frame, swingarm when it comes to EV conversions. I stayed away from cutting/welding the swingarm and had to get some adaptor plates machined up to get the hub motor fitted without mods to the swingarm.
But it does seem so long as you can retain the chassis plate and stamp on the frame (most frames have this stamped as well as a plate) you can change everything else including different swing arm, forks etc. Yolk/headstock would need to be retained as an integral part of the frame.
So yes I think you could mod a frame so long as you keep it a 2 wheeler ... what happens when you MOT it and it no longer resembles the original bike on the V5 might be more of an issue nowadays as MOT testers are tightening up. And insurance of course.
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