(Crossposted from the Metal Method forums. I wasn't sure where to put this, but "Open Mic" seemed good.)

I've got a plan for a guitar project that I'd like to get people's feedback on. I've got a used Charvel Model 7 (MIJ, circa 1990, telecaster-style). I'm not sure what the body wood is, but the guitar is relatively heavy. The previous owner modified it in two ways. He installed what I believe to be a Hot Rails humbucker at the bridge. From a look at the cavity, his soldering skills left something to be desired. He also repainted it blue with a brush. It was hot pink. You can still see the pink paint where some of the blue is chipping off. The neck has a slight warp in it, so it would really need to be replaced.

I would like to have a "true" Strat or Tele for more SRV-type sounds than my single-humbucker Fender is able to produce. With that in mind, I was thinking of doing the following:

1) Stripping the guitar and refinishing it. From what I've read, it shouldn't be too hard, given a bit of patience. Ideally, I'd like to paint it white or off-white and put a Red Wings logo on it, but that might be pushing it My wife likes woodworking so it might be a fun project for the two of us.

2) Replace the pickups with Fender Texas Tele pickups (or something similar) and put in a four-way switch.

3) Replace the neck. Here's where I'd need some advice. I'd like a maple neck with a maple fretboard. I'd prefer the neck to have a satin finish (Is that the right term? I don't want that sticky finish). I'd also prefer a pointy reverse-swept headstock to keep the Charvel "feel" but that's not a major point. I've a feeling that this is where the project could get expensive.

Thoughts? Am I crazy for wasting the time/effort/money on a guitar like this? My guess is that I could do these mods more cheaply than going out and getting a semi-decent Tele or Strat (say, a Fender MIM) with the added bonus of saying that I did it myself.