I've been researching into getting in on the importing business. I see within the next 2yrs a lot more cars coming over. Not just older than 1995 either.
I have a friend in Oregon that had his R34 GTR shipped in a container through customs registered titled and insured.
Customs is supposed to make sure the car is US spec before letting you get it, but I can see them letting a few through now and then.
Oh, and it's 25 years or older non US spec cars that don't have to be converted. Anything newer "has" to be converted (note there are ways around... i.e. going through Canada and making it a gray market vehicle). So far we're at, what, 1982? Some cool cars from around then.
Problem with converting is that a Registered Importer are the only authorized people to convert the car. Your 1995 and older is for OBDI cars, which are easy to convert... 1996 and up is where it's hard... If it doesn't have it already, OBDII must be installed, as well as dual airbags!
From what I've read, a Skyline costs around $15,000 to convert to US spec. Things like the speedometer must read in MPH, windows have DOT stamps on them (every Euro-spec car I've seen has em), bumpers be 5mph, meet US emission standards for the year manufactured, headlights/taillights/signals/foglights/etc must have DOT stamped on them, "passive restraints" on 1989+ vehicles, dual airbags on 1996+ vehicles, OBDII on 1996+ vehicles, etc.
Read that a mid-90s S-Class costs around $8000 to convert to US spec.
A guy in my shop was going to give me a 1980 S500 that he was going to junk since the tranny was shot. It was a prior conversion from Euro to US spec. Only thing I could see different on it was stuff like the speedometer was from a US model car (MPH in big numbers, Km/h in small).... I could tell it was Euro spec from the electrically-adjustable headlight height, and switch for 2 separate horns (one loud highway one, and a quiet city one), and it had 'E' code headlights with city lights instead of parking lights.
All I can say, if your buddy got the car shipped from Japan with no modifications, he's a lucky SOB!