#1
I walked into an old pawn shop the other day, and saw an amp and guitar for $100. The guitar was an Ibanez Blazer, and the amp was mid-sized (can't remember wattage) Epiphone.

I bought it, just for a cheap electric to fool around on (I'm a sucker for anything acoustic, but I wanted to join the dark side for a while).

Now, it sounds pretty good, though I am no judge of sound quality. Maybe mistakenly, I attributed any bad quality to the five of six strings it had that were probably there since the guitar was sold sometime in the 80's. (They were bent and rusty...it was sad...I almost cried).

I don't have a pic right now, but the guitar has some marks (I can clean them off), and some corrosion/rust on the pickups. I saved this guitar from certain doom.

Also, when I flick the pick-up selector (whatever it is), one side doesn't work, so I guess one of the pick-ups is broken.

So, how was my purchase? And what can I do to restore the guitar? Any tips for getting the rust off? And suggestions for new pickups to put on it? About how much will restoration cost? Was it worth it?
You take your car to work, I'll take my board, and when you're out of fuel, I'm still afloat.
#2
It's not a pickup selector, it's a phase switcher. The wire on the pole likely loosed off. When you're changing the strings, take off the pickguard and see if anything fell off the switch. Then reattach, and you're good.

If the hardware is rusty, the electronics might have also collected some of that. I'd suggest replacing the pickup switch and the phase switch ($15 worth of parts and a ten minute solder job), and maybe the output jack.

Other than that, Blazers were great guitars, and for a hundred I'd hit it for sure. What's the pickup configuration, bridge, finish?
Fender Japan Stratocaster Ibanez Pro540 Power Ibanez Pro540 Saber Ibanez 430S Ibanez S540 Charvel LSXIII w/GraphTech Ghost MIDI Parker Fly Artist Ibanez S1220 Mesa F30 Roland GR20 Roland Microcube + IBANEZ TREMS STILL SUCK!
#3
Also, I'd check to see if the neck is warped.
Schecter C-1 Classic (Antique Amber)
Ibanez JEM 7VWH
Crate Palamino Class A tube combo
Digitech RP80 Multieffects pedal
Ibanez TS9 DX Tube Screamer