My friends and I always thought it was really cool, and looked really old. He used to always say "It's not what you think it is". He even offered to trade it for my first new guitar, an Aria Pro II Fullerton strat copy. I still regret not doing it, lol.
Well after doing some research on MIJ Fenders and Squiers lately, I realized what that guitar really was. It was a MIJ SQ series, which is based off a 70's strat. This is the second earliest run of guitars Squier ever made. The first is the JV series, that are based on 50's and 60's models. I also learned that these early Squiers were actually American Fender bodies and necks that were shipped to and assembled in Japan. I've also read that at least some of the bodies, even painted ones, are ash.
So I decided to build one.
I got a pristine condition neck off ebay first. Then continuing my streak of restoring kahler routed bodies, I bought this: