Ambigrams and Hotrods

Awhile back my brother and three friends and I created a moto club called 'Hard Luck'. Being that I'm a designer with such an interest in branding I decided to take a stab at a logo. I've always been fascinated by ambigrams so decided to take a stab at one and see what happened while trying to create a logo for our group. Below is what I've arrived at after nearly 20 different doodles, this is a very simple and small thumbnail type sketch to which I intend to add more embellishments.

This view number one

This is view number two

In the corner there is some small txt that says "The Luckless" which is kind of our unofficial slogan/tag line.

What do you think?

-Jake

EDIT: I just finished a new version of this design with more detail and some revisions, check it out:

Still have to deal with the L that looks like a P.... hmmmmm....


EDIT #2: Here is what I consider to be nearly final version of the design that I did last night. This is on tracing paper so there is some glare but I'm really diggin it!