First off I have no real budget to speak of and I want to fix up my old Jackson JK-20 pro (musicians friend exclusive) .

This Guitar has a JT-500 trem on it and its in bad condition. I cannot afford to replace the trem for the price of a new one I could buy a better guitar used. So, that's out of the question. would it be best to block this trem? I thought of trying to get a cheap Chinese Ebay trem to replace it. but I know that it would probably be a waste of money. so I guess I will just block it.

I want to put a new bridge pickup in it i have been eyeballing http://www.guitarfetish.com/GFS-Crunchy-Rails-Our-Hottest-Modern-Metal-Power-Black-Bridge-Pickup_p_303.html .

I have to replace all the wiring and electronic in the guitar and that would be one volume and the three way pickup selector (this model Jackson had no tone knob)

The pickups in this Guitar are mud monsters they sound really bad. but I can't afford to get a new neck pickup since my budget is about $50.

I am gonna try and crown the frets myself they have flat tops redoing this Guitar is for the purpose of learning to crown. I don't have a good stew mac tool. so, I am gonna go slow with a three sided file.

As it stand right now the action on the Guitar is really bad. open strings buzz and I have high action at 12th Fret. I put a capo on the first fret and put my finger down on the Fret that joins the body looking for the strings to be high off the Frets a little and the string touches every Fret when I do this.

I am new to this, but. I have lowered action before just fine on my other guitars my floyd is as low as I can get it to the body. I am guessing I need to place shims under the locking nut ? please any advice would help.

if there's any other pickups for around 30 dollars that anyone would recommend I am open to suggestions .

I want to spend as little as I can getting a new volume knob and wiring will 20$ cover it ?
if there's anything cool I could do with the wiring please tell me I am looking to learn something with this project.

I want to learn a little and come out with my old Jackson being worth playing again with out dumping enough cash into this to buy a better Guitar anyway.
GFS makes some great cheap pickups especially in your budget
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I love when guitars have no tone knobs, people argue a clearer tone but why have it if we're never going to use it right?

very cool about the guitar though i have owned three similar jacksons , the KE3 and XL models. Usually if pickups are too muddy I suggest a bass cut mod but since you don't have a tone knob it's out of the question. But yeah .. depending on the guitar this is going to be fun, sometimes super high output isn't the best solution though. I remember certain bands recently swore by medium output and let the amp do the rest of the work. With my guitars I despise medium output but it's for the sake of debate/conversation.

the cheapest tremolos on ebay aren't worth it. Get at least a special from hong kong or save up for the original 1000 the "OEM" kind from Korean factories that sold off surplus usually go for 100$ on ebay on a good day. A suggestion I have is a brass big block on it, it's about 30$ but I don't know what I'd do without it on my bc rich. It turned an ok guitar into an awesome guitar.

perhaps a seymour duncan liberator potentiometer so you can "Solderlessly" switch pickups, there is a bit of prep work but it's a suggestion. It's a high quality Bournes potentiometer which is in the same league as Dimarzio and CTS pots. If a rockstar can screw they can swap pickups the import 3 way selectors found on jacksons and input jacks aren't bad. If you really want to switch them CRL for the switch and switchcraft for the input jack.

always remember height adjustment of pickups can make a difference in muddiness and all. Same goes for string material, it's silly when we first start off but I know guys swear by steel or whatever for a reason. The more I played the more it made sense.

locally I could get a set of duncan designs (import seymour duncans they make) for that, HB-103 (distortions) , detonators (invader copies) but more than anything look for a certain sound or tone you want your guitar to do. This is the luxury of all the tone charts online and all. Think of it this way, you haven't been to say mcdonalds and asking two or three people what they like won't necessarily mean you'll like it. If those pickups in your jackson flipped over have a silver baseplate and a red or black two conductor wire on them I think I know them really well, they are chinese pickups on ebay for 11$ a set. I put one on a 27 fret Hamer guitar and really liked it. So brand and all don't matter, it's the sound we want/need.
I realize your budget is only about $50, but I'd recommend saving up a bit of money for a new bridge. Others have suggested the special, but personally, I'd recommend a Gotoh unit. They have been held to around the same standards as OFRs (are arguably better), come stock with a brass block, and will fit on post spacing that isn't standard (to a certain extent of course).
They are usually about $140 for chrome ones, but there's a few luthier websites that sell them for about $100
Quote by elframbo

As it stand right now the action on the Guitar is really bad. open strings buzz and I have high action at 12th Fret. I put a capo on the first fret and put my finger down on the Fret that joins the body looking for the strings to be high off the Frets a little and the string touches every Fret when I do this.

Sounds like you need to start here and get this resolved first. Loosen the truss rod and add some relief. Plenty of tutorials out there and on this site.

If the guitar has really been abused I'd also check the neck for any warpage and also high frets (small straight edge across 3 frets at a time).

Once the relief is good then adjust your action WITHOUT tension on the strings to save what's left of the trem knife edges.
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TOOOO many T.C. Electronic Pedals. . .
I have added relief to the truss rod. the neck isn't warped the tops of the frets on this guitar
are flat. They came that way when I got them. right now I am gonna go a ahead take the strings off and make sure everything is good and level I will block the trem with a guide.

I did order a tool to crown frets even though I didn't want to. I think its important to have a decent tool (I do have other guitars). i am gonna take the back out of this guitar and re-solder everything I will give the pickups another look and adjust their height to see if they sound better.

I do wanna upgrade my trem system but its more then I can afford right now. So, I am gonna do what I can and get a new system later on down the road. I hope blocking it off will be enough to give me stable tuning.

Thanks for the advice guys.