As Studmissile indicates. If you find the guitar playable (fits well, feels OK, plays lekker) and only hate the sound, it is worth it to work on it. After you have exhausted all the options of pickup height, action, volume-tone settings.
If you do decide to work on it, start with fine-tuning the setup. Fit/make a bone nut.
One needs to know what pots, capacitors and pickup type is in it, might be easy to start with re-wiring to a different 5 position switch option and tone control options, with smaller capacitors. If the pots are small, go CTS Log pots all round. Treble bleed (Kinman type) on the Volume pot, tone pot for the Neck and Middle pickups, and a tone pot for the Bridge. You could look at the posts I made on my Korean Squire Strat.
