Yeah, I don't see any brake light or turn signals. No way would I ride that on the street either! ....then again, being rear ended probably wouldn't be a problem!
my grandfather in the 50's was a mechanic on the ones that ran on Lake washington, he'd tie arope around himself then tie it off to the boat and hang off the side at full song so he could adjust the motor for racing.
Actually, looking closer, I doubt if it's functional. I can't envision any kind of drive system, the axles would have to be coming out of the side of the engine and the engine looks like it's missing some stuff.
edit....Looking at the original pic, its not the same bike. EJs was jet powered....but wouldnt be surprised if its still him...He was big into the Allison engines too.