Not too surprised myself seeing as how the early 80's started out (Yngwie Malmsteen + Cheap Guitar + Poor Kid with Un-appeasing parents = what you see). It's no different than the numerous hacked up 60's Jaguars we're seeing with Humbucker routs.
Considering it's a separate fretboard....
- Remove original fretboard and replace
- Put new frets into new fretboard with nut
- Repair the headstock (hot hard being as all the cuts are straight lines
- Make a new pickguard
- Get a pair of single coils with some robroe covers
- paint a cool color
Put it all together, and it's back to it's former glory, only now probably better than it was before it got hacked up. I like bullets, but I heard they were Terribly set up.