3126 is electronic except I have been told there were an extreme few that were mechanical.
3116 is mechanical (or maybe I got it backwards and there were a few late electronic ones) but nobody really liked them, don't really meet your reliability criteria found above. Plus if you want to "turn it up" it does not have an injection pump, just these Detroit style injectors connected with a rack, and as far as I know no hot rod parts available because nobody ever thought it a good platform to hop up. Marine parts might make it work, don't know for sure.
Cat really did not make an engine that would be a great fit for a rat rod, the rest of them get much huger than the 3116. Unless you put a 3208 in it, should be able to crank up the fuel on one of those, the physical size is right, and the black smoke would be impressive, still not a real stout motor though.