A couple of years ago I aquired a Harley Benton Jazz for the princely sum of £60, just to see, really.
I had a neck I really liked from an old bass kicking about, so I threw that on and then spotted some Lindy Fralin Jazz pickups going for £90 for the set... by that point it seemed a shame not to take it further.
Bought a set of CTS pots for £27 and a scratchplate from someone here on Basschat for, I think, £12.
I gave the body a bit of a light sanding to take the extreme glossiness off the finish.
I still need to get some knobs that fit the fatter posts on the CTS, some more screws for the pickguard wouldn't go amiss, and I have yet to do anything with the tuners or bridge.
Also, apparently, looking at the photo, it could do with a bit of a clean.
All in all it stands me at less than 200 quid and I love how it looks, how it feels and, above all, how it sounds.
Used it a lot in pub gigs where, as Sam said, you don't feel comfortable leaving an expensive instrument on stage while you nip out for a smoke.
I didn't really know what to put on the headstock. I ended up opting for something that looked vaguely Fenderish to the casual observer, but on closer inspection....