Thanks for the replies, very helpful.
The guitar in it's current condition wouldn't sell locally for much money, and I don't have any real sentimental attachment to it. I enjoyed it when it was new but even then it just seemed to be missing "something"...can't say that I ever fully connected with it. The guitar really opened up nicely after awhile so that I now enjoy the tone, so there is that.
So with it not being worth much monetarily or in sentimental value, I think I'll take it on as a project. I'll learn about guitar setup and construction, and if the finished product isn't what I'm hoping for it won't be a huge loss.
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