I don't really feel there are status's per say. I've got an old car. Two to be exact. They look nice. Will I ever have a trailer queen that is just as nice on top as it is on the bottom? No, and I would not want one. If the only fun I could have is loading it up on a trailer and the unloading it here and there it wouldn't be much fun to me. I build my cars to drive, and that is what I enjoy.
When I first got into this hobby I wanted to win a trophy at every show. That was my goal. I would spend countless hours cleaning, repainting, spending money on new parts, and trying to make things better to win. Then I realized I could spend that time driving my car to cruise nights, etc and have fun with friends. Not worry about what I was going to place in a show.
It is your car and you should be proud of it no matter what. Especially with how hard you have worked on it. What is rewarding is the people that will walk up to your car, at a cruise night, at a parking lot at a restaurant or where ever, and they tell you "Man, that is a nice car!" You get asked questions and hear stories. In my opinion that is what it is all about.
Make it look as nice as you want it, and can afford. Then drive it and have fun. Don't shortcut things you know will bug you if you don't do them, as it will be harder to do them later. Keep in mind though, if it looks great to you that is all you need to know.