I just finished an ultra-cheap experiment, and it turned out well! I bought a Danelectro Hodad for $99 a couple of years ago, but hated the body shape and balance. For giggles, I gutted it and glued up a semi-hollow body out of 2x4's, and covered the front and back with masonite. I used an old Jazz-style defretted neck with Carvin tuners, and used the three lipstick pickups and electronics from the Dano. I made a bridge out of cocobolo with a Micarta saddle. I just plugged it in, and besides the need for some tweaking, it sounds good! It certainly balances better. It was good practice. Anybody out there made cheap, cheesy basses that actually sounded good?