Hi and welcome to Chordie! In answer to your question about hotrodding, not much limits to what can be done with Fender Strat or a Gibson Les Paul...truck loads of aftermarket goodies out there that can increase performance, change sounds, looks, handling, etc. I'm a big fan of the MIM Fenders and really don't see anything wrong with them once they've been properly set up (that goes for the American versions too). But if you want to change the sound then it's fun to try different pickups. Dimarzio and Seymour Duncan both have great websites that gives lots of info about pickup selections, wiring, and set ups. One can always change out hardware such as upgrading to better tuners, or perhaps locking tuners but that's depending on how much you want to spent and if you actually get any real performance differences. Painting can get interesting too! If you are good at it then strip it down and go for it...if not, strip it down and take your ideas to any automotive paint shop and they can paint it for you...
Most of us on this forum have a condition known as GAS...guitar aquisition sydrome...the immediate concern is that now you'll have to get another guitar to play while you've got this one apart being worked on...
Middleaged Redneck sorta guy who refuses to grow up...passion for music, especially Southern Rock but like bout everything cept Gangsta/Hip Hop. Collect guitars, mandolins, and love to ride Harleys.