Martin, yes replica's of classic vehicles are eligible for club rego in VIC.
And now that they have extended it to allow free use for up to 90 days a year, it is a good option for owners wanting to build, own and drive authentic replicas that would not be eligible for full registration due to emissions etc.
Full details here in case you haven't found the official page: Club permits : VicRoads
You can run any emissions level you want.
There are plenty of replicas on 90 day rego already.