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Folding mechanism seems fine, still works and isn't floppy. 20" wheels are a lot slower than 26" and the short wheelbase and high CoG make it quite twitchy and unstable.
Also, chrome rims + moisture = no brakes, even with see-through squeally trials pads.
I'm mostly going for teh lulz, I've got four bells fitted. Last year I had one bell and a horn which fell off on the way down.My brother won it on the GT Dyno cruiser he was given as a punishment, but that was still 26 x 2.3" with wide bars and reasonable bike fit.
Going to start looking for a big-wheel bike/frame earlier next year, I've stuck to 2 clunks per steed so far.
Is the folding mech in good order or are you welding it up ?
A win at Clunker on a folder may upset the Raleigh Bomber crowd :)