You're right, LP pickguards would fit, and you can get them cheap for under $10. But they have these two nasty Humbucker cutouts.
First question: What color is your guitar? Second question: What color pick guard would you like? How about brown Tortoiseshell?
Here is my suggestion: Get some pick guard material from
www.grizzly.com http://www.grizzly.com/products/Pick-Gu … oise/H6392
Trace a Stratocaster pickguard outline onto this material (a Sharpie felt pen works well). Use a scroll saw to roughly cut out the traced shape. Then use a flat file and sandpaper to create smooth curves.
Now make a straight cut to the right of the imaginary strat pickups (there are no pickup holes, but you don't need them anyway for your guitar).
For this straight cut, a utility knife + metal ruler would work well -make several shallow cuts until you can break the edge cleanly).
Now you have the right curved edge of a strat pickguard, and a straight edge on the left edge of your material. There are no holes in this shape -you don't need any -yet. If you lay down this new shape onto your guitar, lining up the straight edge of your pickguard with the high e-string: the ends of the lipstick pickups are in the way!
Use a wood rasp first (I would actually use a drill with a Forstner bit), then use a round file to make halfmoon-shape cutouts for each of the three pickups on your Hodad.
Now you're ready to file the curves of your new pick guard even and smooth. Sandpaper afterwards. As a last step: use a utility knife at a 45 degree angle to bevel (scrape at an angle) the curved edge of your new pickguard. ...of course, you can also use any other color pickup material besides tortoise shell. Too bad you can't just use a cheap Stratocaster pickguard: but they have holes for the controls and screws already pre-drilled!
I would not drill any holes in the guitar to hold the pickguard. Try a sheet of double-sided adhesive material (in the U.S., you can get that stuff at Michael's art stores (Target/Walmart might have them as well). This kind of adhesive sheet is usually in the "scrapbook" dept., or even in the sewing dept... I use it to adhere pickguards to acoustic guitars. It's safe, since it won't damage the finish of the instrument.
Let me know if you want to take me up this DIY challenge!