This looks very much like the 1934 Ford 'Fuesenberg' roadster with Duesenberg straight-8 motor built by the Ullrich brothers. I can't tell if it's a Miller chassis, but the front axle, shocks and a lotta other stuff sure looks similar.
So to answer the question, it WAS a 34 Ford Roadster on top and apparently a Miller sprint car underneath. It was in the process of becoming the Fuesenberg or Ullrich Roadster and as stated above, created by Hal and Bill Ullrich.