All that being said, the neck is very nice, very similar to the one on my Firenza with a nice satin finish. That is ultimately why I decided to keep and try to "rehab" this guitar. I paid $200, which I thought was a great price. In retrospect, if I had a chance to plug this in in person, I wouldn't have offered over $100 for it.
Now the Fishman Bridge and Powerchip alone sell for ~$300. The neck, other than the Nut feels very similar to the Fender Player Plus I as checking out last weekend, which is $1100. I'm confident I can turn this into a nice playing guitar for under $100 in HW, not counting labor. I've already dressed and polished the frets and rounded the fret board edges/sprouts and it just feels good. I'm not sure what wood the body is, it is really light, but also very resonant. Probably Basswood, hopefully not plywood though.
The weak links are the Nut, Pots/Switch and knobs. Worst comes to worst I can repurpose the Fishman HW in another guitar, assuming it's not the source of the noise/scratch.
Full disclosure I'm an Electrical Engineer with 30 years experience in the electronics testing industry, so I'm not worried about taking on a project guitar like this. I certainly wouldn't expect many others to choose this route, and in fact would advise against it and to steer clear of this particular model Peavey. It is several levels below the quality level of my Predator, Firenza and Patriot and more like the $70 Lyon Telecaster I turned into an EVH Bumble Bee guitar..
