I picked up a used Squier S73 today for the awesome price of $150. I have been a Tele only player for a very long time, but lately I have been wanting something different. I have always liked SG's and Les Paul Jr's, but couldn't justify the money for one, especially for a guitar that wouldn't be my main squeeze. This guitar fits the bill perfectly as a project guitar. I have plans to make a custom pickguard for it and turn it into a single pickup guitar. I will most likely put a humbucker sized P90 in the bridge because I like that tone more than a humbucker, at least for my sound.
Here is a close up of my first rough sketch of a pickguard design. The pickup hole is just to mark where it is on the body so I know what to cover up. I am thinking a cream/black/cream guard and a chrome pickup will look quite nice.