Thanks everyone for the suggestions, there is some great food for thought there.
I got the guitar today, and it is a wonderful thing! It's not the first guitar I was bidding on, but it's my second choice, and I think fate was kind to me.
AUD$150 got me a 1999 Squier Affinity Strat. The guitar was made in Indonesia (Fender moved production of the Affinity's to China in about 2000), and has some things that later Affinity's don't have. The neck has a skunk stripe, a solid black headstock decal, and very nice, old-school tuners, which I suspect are not stock, but the guy I bought the guitar from said they were. The guitar is a beautiful dark blue colour, maybe Cobalt Blue or Baltic Blue.
The clincher is that the guitar - based on the couple of minutes I played it tonight - sounds wonderful, the purest strat sound I have ever been able to pull from a guitar. It's actually made me re-think the idea of using it as a project. I might still replace one of the pickups with a hotrail, but the idea of removing 2 or all 3 pickups now seems very unlikely.
I tried to snap some pics tonight, but I was not able to capture the blue in a way I'm pleased with. I'll take some pics tomorrow in the sunlight.