I swapped the Nanoflex UST in my Epiphone for a system I created using two 12 mm piezo transducers. It works great, and sounds a whole lot better than before.
You could, theoretically, build a pickup extremely similar to what K&K and JJB offers at a minimal cost. Even with high quality bulk cables like Mogami and nice Switchcraft or Neutrik hardware you won't even get near the price of retail pickups, and the result should be more or less the same, given things are done properly.
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