yeah...i'm thinking of getting a squire bullet or hunt down Japanese surplus shops. my goal is to come up with a decent player guitar...and learn how to do most of the setups.
Exactly what I did with my strat.
Got the guitar for cheap (neck and body only) at a local japanses surplus shop. Upgrade and parts will cost roughly 10 times the price I paid for the guitar. Was it worth it? If you have cash to burn, plus the fun factor, then yes!
New pickup, new pickguard, new electronics, newley refretted, new nut, refinished neck, new grovers, schaller locks, new SS saddles and an old bridge, etc... it's a beater and i love it!