The pilot of the Starduster Too, N4316, departed RWY 25 at the uncontrolled airport closely behind the CE-170, N2620V. After takeoff, he proceeded straight out in a westerly direction, and then reappeared about 1 minute later traveling in the opposite direction. He executed a low level pass over RWY 7 at about 30-40 ft AGL at an airspeed estimated by TO be greater than 150 mph. He then executed a rapid pull up at the east end of the runway. About the same time that the Starduster pilot was beginning his low pass, the CE-170, which had entered a left closed pattern after takeoff, was beginning a continuous 180 deg left hand descending turn to the approach end of RWY 25. Approximately 1-2 sec after the Cessna rolled out on final, it and the Starduster, which had just initiated its rapid pull up, collided at about 75-100 ft AGL. There is no evidence of radio transmissions from either aircraft on any frequency.