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To Refin a Bullet?

I just bought a 30" Fender MIJ Bullet off ebay, the only thing I don't like about it is the colour - Red with white p/g. I was thinking about re-finishing it and I also have a DiMarzio Model P that I'd like to drop in it (obviously I'd have to rout the body a little and buy a new pickguard, not because I don't want to cut the one on there, but because I think the white one is ugly as sin).

I did face a little hesitation though. I've never been the type to revere guitars as collector's items, I've only ever thought of them as tools for making sound but the fact that they are a somewhat rare find almost made me feel guilty for wanting to do it.

What's everyone's opinions on modding/re-finishing an 80's MIJ Fender?