The main attraction is the drop tank's excellent aerodynamics due to it being streamlined for its original use on aircraft.
Building lakesters became popular after World War II when surplus drop tanks were available cheaply.
[1] During the late 1940s Bill Burke of the So-Cal Speed Shop built the first "Lakester" from a surplus aircraft drop tank.
[1] He knew the dimensions of a Ford rear end and engine block, and he could see that the automotive components would fit.
[1][2] However, with experience it was found that the 315-gallon tank used on the P-38 Lightning was more practical due to its greater size.