Would a squier affinity fat strat make a good project/modding guitar?

I'm thinking of getting a cheap modding guitar. I like taking something out of the box and making it mine and custom shop guitars cost an arm and a leg. Would it be worth it to take a squier fat strat and change the humbucker, get locking tuners, pickguard, etc? Would it have a good quality, maybe even up there with a "real" Fender?