I'm leaning towards a kit for my first project just to get my feet wet with clean, working parts. Then I'll know a little more to tackle a rehab job like Fretsmith details. For $109 you can get the full unfinished kit here http://www.guitarfetish.com/High-Quality-Solid-Poplar-Body-Strat-Style-Kit-Maple-OR-Rosewood_p_1197.html# (thanks Mblaide). Not a bad deal if it plays anywhere decent. The electronics wont be very good but can be upgraded if the "bones" are ok.
The only thing that remains to be seen is whether this guitar will play and sound at least as good as a Fender Squire, because when all is said and done (with tools, finish materials and labor) they will cost nearly the same. The resale values wont be the same, but that's not a big deal given the cost. The experience gained may well be worth it.
Todd
