Body Stripped Down
A $50 Craigs List buy that needed some love. Replaced the bridge with a vintage style with a steel trem block and vintage saddles. $22 on Ebay.

Original Electronics
The stock electronics in cheap guitars like this one are awful. By far the best inexpensive upgrade you can do to improve tone.

7 way switch and Bournes pots

Installing new Bournes 250k volume pot and tone pots. Installed better quality .047 caps. Close to the selector switch is a mini toggle that enables 2 additional pickup combos, all on and bridge and neck on only.

New Electronics
There are many differnt wiring schematics to choose from, In this case I opted for a retro wiring seen on older Fender strats from the 60's. I found a set of vintage alnico 5 pickups on Ebay new for $56. They really improve the tone of this cheap guitar.