I have a partscaster Strat with a cheap Chinese body that I decided to relic. That being the case, I'm sure it must be poly. Here it is.
Probably not the best pictures but in the flesh i think it looks pretty convincing. I did the chips by flicking a set of keys at the edges of the body, and then followed up by sanding down with fine grade sandpaper, then steel wool and finally T-Cut. The finish now looks sorta thin-shiny, with a few wear spots here and there.
I would have though you could get this sort of result on a Squier fairly easily by doing what I did.