No southern tradition that I know of, although it was more popular among the racing crowds of days gone by. Do a search on Google and you'll find plenty of articles with testimonials to support its worth.
http://www.thermotec.com/technology/how/how.htmlAs to looks, I prefer the old school look, and the more like an old flat dirt or hard track racer the better for me. I'm not into a lot of chrome...just my quirk. I thing it's become a "standard" of bikes today to be just as flashy as you can get them...but to each their own, and I'd never rag on someone's bike just because they had it chromed out.