I never did post this, and always meant to. I did this back when I was 16. I bought this Peavey Mantis for $20 off some loser back in high school, he just wanted to get rid of it. He had painted it black, with some sort of crappy blood graphic drawn on it, really poor. I sanded all the black off, sanded what I could off the pickguard, and this was my first attempt at a refinish.
$15 sandpaper, aerosol paint, clear coat
Sold on Ebay:
I used Krylon laquer based spray cans, as recommended by that John Glennicky guy who does all the EVH guitars. I was pretty happy with it, not bad for a first attempt.