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t-40 Worth renovating?

I have a 1978 Peavey T-40 (patents applied for) that burned in a gas explosion back in '91. It still plays well but has considerable burn damage. I was thinking of restoring it. It is worthwhile? I've seen these guitars sold for up to 500 bucks, but the body has to be sanded and re-varnished. I'm sure I can't recapture its original luster and I don't know if I do this myself. Has anyone done this before? Is it worth my time? A switch needs replacing but I don't know anything about electronics. I've already replaced the pickguard.
 
Depending on how badly the body is burned, it might not be worthwhile. I actually have a body that I sanded down from a T-40 that I would be willing to just give you to help save that baby.

I sanded it, used some wood filler in areas, stained it with red-mahogany stain, and finished it with 5 coats of tung oil. I also put 4 coats of shielding paint in the pickup and electronics cavities. It came out pretty good. All I'd ask is the cost of shipping. PM me if interested.
 
That's a generous offer from ScottPro1969...I was going to mention a local CL ad for a bare wood (northern Ash) T-40 body, but it sold this morning. That body had been up there for months. Man, these are great basses. Restore it if you have the time. Post some before/after pics. Good luck.
 
Depending on how badly the body is burned, it might not be worthwhile. I actually have a body that I sanded down from a T-40 that I would be willing to just give you to help save that baby.

I sanded it, used some wood filler in areas, stained it with red-mahogany stain, and finished it with 5 coats of tung oil. I also put 4 coats of shielding paint in the pickup and electronics cavities. It came out pretty good. All I'd ask is the cost of shipping. PM me if interested.

Dude I love this site, a little off topic but look at that compassion. Dude, thats awesome.
 
Interesting. So it's worth just about what my mom paid for it back in '78.

Pretty much.

Every so often a T-40 will sell in the 5-bills range, but that's the exception. As others have stated, you can buy very nice T-40's all day for $250-$300. So unless the bass means something to you, or you want something to experiment on, it's probably better to part it out and buy another one.
 
I'd keep the bass and just clean it up a little. I would not try to get it in pristine condition, just clean and to the point where the burns won't leave char residue on anything even if it means coating with shellac (which, btw is a fantastic sealer often used by renovation businesses to contain the smokey smell from fire damage in homes). It's unfortunate that the bass got burned but then why try to erase something like that? Keep it, play it and tell a great story if someone asks you what happened to it.

Any pics?
 
If the body's shape or contours were damaged, then IMO it's not worth saving. If it was just discolored, you can do a refin to the same or higher standard than the factory!

It just depends on the time and study you want to invest in doing it right. You'll put in 40+ hours as a first time project if you really want it to be excellent.