A P Lyte with an alder body? Will it still be lyte? They were made with basswood or mahogany. Mine's basswood. It's a crap wood for bodies if you ask me but it is lyte. Mahogany would be better. Basswood finally has me convinced that wood does matter.
I would like to see a Lyte that's updated, though. There was a lot of suckage on the originals. I thought the pickup and preamp sucked, and it could have been built with a sturdier neck. And of course no basswood, which sucks all the life out of vintage style pickups. That pretty much leaves the tuners and the bridge as the only things that didn't suck. The bridge is especially great. And yet, even with all that suckage, mine has been my main player since I got it a few years ago.
Were the burst finish and Foto Flame Lytes also basswood?
I agree with your updates. Pickups and preamp are an easy swap for me, but a quality neck is a must.