Funnily enough back in the day we did almost exactly the same to my mate's crappy sattelite (i think) jazz bass...we paint strippered the sunburst off the body, which we discovered, surprise surprise, was plywood, this got the wood dye / boot polish "finish"... The headstock got an artistic job, done by me, a band logo ( rather than a pretender fender), using airfix paints and jazzed up with transfers from a Tamiya russian T34 tank model !
it looked pretty crap but much more punk than it was before, so mission accomplished