I'm looking to have a go at basically completely rewiring and renovating an old guitar I have. It's a Kramer XL IV (or XL 6) model. Very much a late 80's early nineties entry level, budget model guitar - see here http://www.vintagekramer.com/company56.htm . It's the same model as the red guitar on that linked page - two single coils and an angled humbucker.

You might be wondering why I'm bothering, as on the tiny number of pages I can find about the guitar it's variously described as a not entirely awesome, budget import. Well it was given to me by my grandma when I was teenager, and its kind of got some sentimental value attached to it.

My plan is to completely replace all of the electrics with some decent new items, and a set of reasonably good pickups - nothing flash or expensive, but something good quality. Aside from that I'm up for replacing anything bar the body and the neck. I want a usable and decent sounding guitar for practicing and travel use, not worried about the look of it.

The question is, am I wasting my time? It actually feels pretty OK to hold and play, and the build quality seems pretty decent too (electrics aside), but as they say you can't polish a turd... would this always sound like a bit of turd or can some decent electrics transform it to something worthwhile?

Apologies for the daft questions, but I've just got back into playing the guitar after around 10yrs of being idle.