Dive right it and fuck your guitar up good. Everything after that couldn't possibly make it worse.
Only half serious. But I ususally sell guitars I don't want to work on for whatever reason; basically, if it's valuable at all. But I do have an 80's MIJ Fat Strat I don't mess with, except for replacing the 5-way switch and jack, both which got rusty and weren't making good connections. I need to drill and dowel the floyd posts, though, the wood there is cracked. Basswood. Whenever I get a drill press I'll do it. It was my first guitar, so I sort of revere it. Plus is has a real idiosyncratic sound, unique, but it's a well played, fucked up old guitar.
But I took a router to my Baja tele and things got real. Lost control of the router (Ash is hard as fuck!), but guitar pulled though ok in the end. Wound the pickups, did all the wiring, new saddles and knobs, new pickguard. It was new until I got my hands on it, though. Never has a guitar depreciated in value so fast! Sounds a lot better now though. I had a mini humbucker in the mid position for a while, but I missed the neck-bridge setting so I took it back out.
One thing to remember, your guitar wasn't built by gods. The work you do on it very likely will be better than it had originally. Unless you suck. Hard to say which it will be until you try, haha, that's the problem I guess.

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