You'll be able to improve it a lot, but it's unlikely to ever be truly wonderful.
Explorerlover wrote
Change the pups, nut & tuners. Leave the finish be.
+1. Pickups are always worth changing and if you keep the originals, you can always put them back in to sell the guitar. The other electronics (pots, switch, jack) are worthwhile upgrades. Apart from tuners and nut, I wouldn't worry about the hardware though, unless there is a problem with something. Plastic bits for cosmetics if you want. You can get pickguards for them from overseas, but much cheaper to make one yourself - not a difficult job for a V.
Finishing is a major job - only do it if you are sure you can handle it properly. When in doubt don't.
