Sounds like you got yourself a little project there! haha
First off, it probably does have a truss rod... but the nut for it is probably located on the heel instead of the headstock. Vintage strats had this. So just to let you know, you might want to check. It's a pain to have to adjust those, but they work just the same. Also, it sounds like you want to make it into a hollow-body. That's pretty cool, as long as the wood is a decent sound wood it should sound alright. Normally when people build hollow-body guitars they rout the hollow cavaties from the top of the guitar and then top it with a different kind of wood... such as maple, koa, redwood... so on. What I would do is remove all the hardware, electronics, neck... etc. until I had just the body... then I would sand the finish down to the wood... plain about a quarter (1/4") of the top of the body... rout your hollow cavaties... then buy a 1/4" thick piece of luthier wood and trace the body.... rout it for the pickups, electronics, drill the pickgaurd screws...so on... then glue it to the top.... sand it so it's nice and flush... make sure all the edges are flush with the bodies original cavaties... then you can sand the top how you want it... finish the body (might want to read up on procedures for painting guitar bodies...) if you finish your own body you can make it whatever color you want... I would also use either flamed or quilted maple... it looks cool. You can also use transparent finishes to show the grain. That's what I would do!!!! haha. Whatever way you choose to do it, I'm sure it will turn out cool. GOOD LUCK BRO