Yessss!
Some possible inspiration here- Zork's modded Egmond, plus a link nearby to it in use with his band.
This is all reminding me how much I want to do the same, I have several potential "victim" instruments.
Yessss!
I'd just get a proper bridge on there...something like this maybe: http://www.guitarpartsresource.com/imag ... 26-001.jpg, sort the action, get lighter strings, and get it playing reasonably. Something like this is never gonna be a strat, but you've gotta embrace the weirdness and they can be fun to mess around on for a different vibe.