My take is....Hey, it's a Squire...Experiment all you want..Drill holes, trade out pick-ups, rout out new holes for hum-dingers, heck.. paint it purple..
However, for truely whacked-out whammy, go for a steinberger...Double ball ends, NO STRING WRAP!! No locking thingies, or allen wrenches.. Check 'em out on musicyo.com I was sceptical, but now a beleiver! For the price of two of your death-ray pedals you can beleive too..

"Why wallow with eagles, when you can soar with pigs."
Dr. Hunter S. Thompson