I've owned and do own many different models of Gibson's and Epi-phonys. In my opinion, when price is an issue, epiphones are great alternatives. I gotta say that ALL elecronics need switched out. vol.& tone pots, toggle, and pickups of course all gotta go. get Gibson replacements and then your in there.
Materials are a big consideration also. But, if price is an issue. Uninsulated feedback crazed pickups and volume controls that barely "fade" but act as "on/off" switches are more important to consider than wheather the core of the guitar is mahogany or alder. :)