#1
Ok, I have a new Squier strat that feels great with good action.
I brought it as a build up learning project as it was so cheap and parts are easy.
I got hold of a Genuine neck complete very cheap and plan to add this loaded Pickguard
http://guitarpartsonline.com/Pro-Series-Pickguard-Quad-Hot-Rails-Mini-Switch-381.htm

Am I missing anything or wasting my time? My tastes are Pink Floyd, Jethro Tull, Sabbath etc. Thanks.
#2
Any DIY is more of a learning curve than a waste of time. The only increase in value of the guitar will be what it means to you.
You probably wont notice a massive difference in sound, if thats what you're after change your amp!

But if its something you want to do - do it!
#3
I love my Amp and also have some great Guitars so I'd rather Butcher a cheap Guitar while learning how to Modify.