So I have an Epiphone LP which has been out of use for a year or so due to basically being worn out in a few ways. The two main issues it has are worn frets, and a buzzing retaining wire.

According to a friend of mine who repairs guitars, the retaining wire is an easy fix. However, the frets have already been filed several times and at this stage the guitar probably needs a re-fretting.

Re-fretting seems to be ridiculously expensive - some quotes have it at more than €400. It strikes me that it could be a lot cheaper to simply buy and install a new neck for the guitar. The guitar itself cost €400 to begin with, so it seems highly unlikely that it would cost anywhere near that just for a neck alone.

Two questions - firstly, am I thinking about this correctly? Is replacing the entire neck as opposed to re-fretting a sound choice, and will my guitar still sound as good afterwards? Has anyone done this?

Secondly, can anyone recommend a reputable place to buy a neck for a Les Paul type guitar? It's a 22 fret neck, and I've found a few places online but they give no information about brands, model numbers etc which makes me nervous. This guitar is of gigantic sentimental value so I really don't want to risk f*cking it up, but I really can't afford to drop several hundred euro for re-fretting at the moment, so if this is a possible cheaper alternative I'll go for it. Installation is not an issue, I have several friends who are full-time guitar techs.

Any advice?

No, no no.

It's not gonna be cheaper to replace the neck. What kind of Les Paul is it? If its set neck, that would be even crazier cause that would involve removing the previous neck, setting the new neck, refinishing the guitar (since you've probably removed finish during the swap) and then letting it set and cure. There is no way that a refret will cost you 400 euro. I suggest you find a shop that will give you a more reasonable quote. 
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I agree with the above answer. Two years ago I re-fretted an Epiphone Les Paul Standard and a 1976 Ibanez Les Paul copy while I was apprenticing with a luthier to learn about guitar repair. It was a time consuming job and not nearly as easy as it looks when you watch someone do on a YouTube video but I loved learning how to do it. If you have a set neck you pretty much have to work with that neck. Changing the neck on a Les Paul is a major job and requires lots of skills including refinishing the guitar. It would cost more than buying a new Epiphone Les Paul. I don't know how much it costs to do a re-fret where you live but in my area it costs about $200-250. Thankfully I now have some experience and can do it myself if necessary. Before you spend a lot of cash you might try doing a basic fret dress and leveling yourself. There are a ton of good videos on YouTube to show you how. Mask off the neck, get an accurate level, sand the frets and buy a fret crowning tool ($54 on Stew-Mac). These are really important basic tools.  If you are planning on paying for full re-fret job, invest $100 on a few tools and learn how to do it. You've got nothing to loose if you screw up the old frets.. 
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Last edited by Rickholly74 at Jun 26, 2017,
I agree with what the others have said but would just add that It shouldn't cost 400 for a refret.  They are expensive but not that expensive.
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