Just got one of these babies as a gift... It's really comfortable, easy to play, but the stock pickups leave a bit to be desired. I have a Peavey Predator with a Jazz and a Duncan Distortion, and frankly, it has more clarity and definition than the 540. The stock pickups are an Ibanez F1 (neck), C2 (mid) and F2 (bridge). Right now it's dark and a bit muddy. I guess that's also cause of the mahogany.
Here's a picture:
I'd like to make this a very versitile axe - everything: rock, jazz, blues, metal, fusion, etc. I was thinking about a Jazz for the neck, but I'm not sure. I do think that I'd like a single coil for the middle, not a stacked humbucker. Otherwise I have no idea..